Finder Energy plans to build out position near giant Buzzard field

Australian operator Finder Energy (ASX:FDR) has outlined its plans for two licences it received in the latest tranche of the 33rd licensing round.

Perth-based Finder secured two licences covering areas in the Central North Sea, adding to its existing four production licences in the area.

Finder’s existing licences include its Whitsun project, located near the giant Buzzard field, which the firm has said could contain up to 150 million barrels of oil. The company is also progressing its Boaz prospect in partnership with Equinor.

Finder said the first licence it received from the North Sea Transition Authority (NSTA) is located is located in the Ettrick Sub-basin between its P2528 and P2527 licences.

© Supplied by Finder Energy

The company plans to use seismic data from its recently reprocessed Big Buzz 3D project, which covers the licence, to high-grade the prospectivity of theeld.

Finder said the Ettrick and Blackbird depleted oil fields, which produced nearly 35 million barrels, are also located within the licence which it bid for with Dana Petroleum.

Finder will hold a 60% interest in the licence as operator.

South Halibut Shelf

Finder said the second licence it received is located to the north of the South Halibut Shelf, with the company holding a 100% interest.

The Australian firm said its work project includes at the prospect includes high-end seismic reprocessing, similar to the Big Buzz 3D project.

Finder said several Upper Jurassic prospects, similar in age to the nearby oil fields, have been identified and will be “derisked by the reprocessing project”.

The company said it expects acceptance of the awards and finalisation of the regulatory and joint venture agreements will occur in the “coming weeks”.

Finder said it will announce further details regarding the licences, planned activities and the company’s strategy “in due course”.

Meanwhile, fellow Australian operator Hartshead Resources has placed its shares in a trading halt, pending an announcement later this week.

Hartshead Resources was one of the big winners of the third tranche announced last week, receiving nine blocks in the Southern North Sea across five licences.

Hartshead will partner with Meridian Resources and Comtrack UK separately on two of the licences.

The Perth-based firm also received another licence alongside Comtrack in the East Irish Sea.