Finder Energy buys two more UK North Sea licences

Perth-based Finder Energy has completed the acquisition of two highly prospective UK North Sea operated licences, P2502 and P2524, from Azinor Catalyst Limited.

P2502 is located on the western edge of the East Shetland Basin, Northern North Sea, covers an area of 424 square kilometres, and is 85 km NE of the Shetland Islands.

The licence holds significant potential in the Upper Jurassic turbidite play with over 1.2 billion barrel oil equivalent identified across eleven mapped leads. Finder currently holds an operated 100 per cent working interest in this licence.

P2524 is located on the southern flank of the South Viking Graben, Central North Sea, covers an area of 171 square kilometres, and is 250 km NE of Aberdeen.

The leading prospect on the licence is Barracuda, targeting the same Upper Jurassic reservoir that hosts the nearby prolific T-Block and Brae complex oil fields. In addition to the Barracuda prospect, the licence contains a further three prospects and leads and two small oil and condensate discoveries.

Finder currently holds an operated 40 per cent working interest in this licence, with Harbour Energy holding the remaining 60 per cent working interest.

Damon Neaves, CEO of Finder, said: “These two acquisitions build on Finder’s recently announced entry into the North Sea through the 32nd UK Offshore Licensing Round and are in line with our strategy to secure high-quality exploration acreage close to discoveries and infrastructure.

“We expect to announce further North Sea acquisitions as well as new partnerships in the near future. We are also pleased to announce that Nick Terrell and Henry Morris, former Azinor co-founders and directors, will be joining the Finder team to drive our UK North Sea growth strategy”.