OilVoice - Finder Enters Into Farmout Agreement for North Carnarvon Basin Permit

Finder Enters Into Farmout Agreement for North Carnarvon Basin Permit

Tuesday, August 17, 2010

Finder No. 4 Pty Ltd ('Finder') a wholly owned subsidiary of Finder Exploration Pty Ltd announces that it has entered into a farm-out agreement which provides for Apache Northwest Pty Ltd, a wholly owned subsidiary of Apache Corporation, to earn a 75% interest in Exploration Permit WA-450-P (the 'Permit'). The Permit is located in the Northern Carnarvon Basin, directly south of the Gorgon and Clio major gas fields.

Finder's Managing Director, Jan Ostby, believes the finalisation of a farm-out to Apache so soon after the acreage award justifies Finder's enthusiasm and excitement in bidding for the highly contested Permit. 'This is another significant milestone for Finder, not only in the growth of our exploration portfolio, but working towards our vision of 'Finding Oil and Gas' as we will participate in the drilling of a well in the heartland of some of the largest gas discoveries on the North West Shelf' he said.

"It is fantastic to join forces with a well recognised, proven and respected Operator in Apache. From our acreage review we identified the large multi-TCF 'Olympus' gas prospect and we are now looking forward to working with Apache on the acquisition and interpretation of around 200 km2 of 3D seismic data later this year and ultimately the drilling of the Olympus prospect."

The participating interests in WA-450-P will be as follows:
Finder Exploration Pty Ltd: 25%
Apache Northwest Pty Ltd (Operator): 75%