Australia’s Finder Energy estimates 206 million boe at North Sea Boaz prospect

Australian oil and gas explorer Finder Energy (ASX:FDR) has outlined details of its Boaz gas prospect in the Central North Sea.

The North Sea Transition Authority awarded the Perth-based company licence P2610, which covers Boaz, alongside Norway’s state-owned Equinor.

Finder said the Boaz prospect contains 748 billion cubic feet (bcf) of gas  and 81 million barrels (MMbbl) of condensate.

Together, Finder estimates potential resources for Boaz to be as much as 206 million barrels of oil equivalent (boe).

However, Finder estimates the geological chance of success for Boaz at just 22%.

Finder Energy managing director Damon Neaves said the company’s portfolio in the North Sea has undergone rapid growth since landing its first North Sea licence in 2021.

“Boaz is the second major resource announcement made by Finder this month resulting in a four-fold increase in the total 2U [mid-range] prospective resources in Finder’s UK North Sea portfolio,” Mr Neaves said.

“Boaz has the potential to contain significant volume of natural gas and is well-positioned to access gas markets in Western Europe that attract premium pricing.”

Finder expects to make a drill decision for Boaz prior to the end of 2027.

Possible Boaz tie-back to Sleipner?

Outlined its potential strategy for the Boaz prospect, Finder pointed to partner Equinor’s plans to extend the life of the nearby Sleipner and Gina Krog facilities.

Finder said Equinor are “actively exploring and developing around this area and this forms part of their motivation for participating in our joint bid for the Licence”.

© Supplied by Finder Energy

Finder also pointed to Equinor’s recent announcement of a £300 million plan to develop the Eirin gas field located 250km west of Stavanger, which will connect to Sleipner via Gina Krog.

Equinor said the Eirin development will extend Gina Krog’s productive life from 2029 to 2036.

While Finder did not confirm whether it is considering a Sleipner tie-back for Boaz, the prospect is located close to both the Eirin gas field and the Gina Krog platform.

In addition to the P2610 licence, Finder Energy also holds a 60% stake in each of the P2527, P2528 and P2530 licences alongside Aberdeen-based Dana Petroleum, which holds the remaining 40% of each licence.

Earlier this month, Finder said it had potentially uncovered a 150 million-barrel field next to the UK’s giant Buzzard project in the Central North Sea as part of the P2528 licence, although the find had a modest 26% geological chance of success.