Quadrant Energy has taken over Finder Exploration's stake in four Bedout Sub-basin exploration permits offshore Western Australia.
The permits are located 130km off the coast of Western Australia and contain both the 2014 Phoenix South oil discovery and the 2015 Roc wet gas discovery.
The transaction is effective 1 March and is subject to conditions precedent, as well as procurement of regulatory approval, registrations and joint venture approval. Financial details of the transaction remain confidential.
Finder has a strategic alliance with Fugro to provide technical and financial support for selected Finder exploration opportunities. In return, Fugro receives a share of the profits earned from the projects in which it participates. As such, Fugro is entitled to a 50% share of the profits from this transaction.
"Finder is proud to have been involved with Carnarvon Petroleum in the early exploration phase of a new and potentially prolific hydrocarbon province offshore Australia. Having had two exploration successes now is the time to hand over the baton to Quadrant to take these discoveries to first production and to continue exploration efforts," Shane Westlake, Finder CEO said. "We have great confidence in Quadrant as an operator of choice on the North West Shelf with a strong history of delivering projects on time and within budget.”
Image: Map of four Bedout Sub-basin / Finder
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