Finder Energy farms out North Sea license

Finder Energy Holdings Ltd. signed an agreement with Serica Energy (UK) Ltd. to farm out a 40% interest in the P2530 Seaward license in the Central North Sea.

The North Sea Transition Authority (NSTA) approved the transfer to Serica and extended the license terms to Aug. 31, 2026, for Phase B and Aug. 31, 2028, for Phase C.

P2530 spans 576 sq km in the West Central Graben basin and lies in 85-110 m of water. The license contains the Wagtail Discovery (19 MMbbl Gross 2C contingent resources) and the low-risk Marsh and Bancroft exploration prospects. Wagtail was discovered in 1986 and intersected an 11-m net oil column in the Fulmar reservoir sandstones.

Finder completed a high-end reprocessing of the seismic data, called the Big Bird 3D, and integrated this with new geotechnical studies which showed the Wagtail Fulmar reservoir sands increasing in thickness and quality east of the discovery well. Additionally, during Phase B, Finder completed a pre-feasibility study for the potential development of Wagtail via tie back to the Triton FPSO via the Pict field 20 km to the south.

The 9-month extension of Phase B will allow for additional engineering feasibility studies to confirm integration of Wagtail with the Triton FPSO and its surrounding subsea infrastructure. These studies are required either to support a decision to enter Phase C of the license and commit to drill an appraisal well on Wagtail or to discontinue the license at the end of Phase B.

Finder will retain a 20% interest in P2530 and will remain operator of the license.