Highlights:
o All regulatory and environmental approvals in place for the drilling of the Kanga-1 well
o Rig handover on schedule and drilling to commence early May 2022
o Result of Kanga-1 expected to be announced in June 2022
Finder Energy Holdings Limited is pleased to provide the following update on the upcoming Kanga-1 well which is located in WA-412-P in the Northern Carnarvon Basin, offshore Western Australia. The Kanga-1 well will be drilled using Diamond Offshore’s Ocean Apex semi-submersible drilling rig (pictured).
The previous operator of the Ocean Apex has completed its activities and the rig is currently on stand-by. All regulatory and environmental approvals are in place for drilling and preparations are nearing completion with the WA-412-P joint venture on track for rig handover on or about 1 May 2022.
“Kanga-1 is located in an oily part of the Northern Carnarvon basin around existing fields. We have made discoveries here in the past and it’s an area we know well. We are excited to have such a major catalyst so soon after listing.” Damon Neaves, CEO
The Kanga-1 well will take approximately 30 days and reach a total depth of 3,300m. Kanga-1 is a large robust structure with the primary objective being the Jurassic Legendre Formation reservoir sandstone.
The Kanga Prospect has been independently reviewed by ERCE Australia Pty Ltd with estimated gross Best Case Prospective Resources of 170 mmbbl1, representing over 25 mmbbl net to Finder’s 15% participating interest.
Finder has entered into an agreement with its WA-412-P partners in relation to joint venture activities which achieves cost savings. As a consequence, Finder’s capped contribution to the Kanga-1 well has been reduced by 25% to US$0.94m with Finder maintaining its 15% interest in the Kanga-1 well. These savings will be realised in the June ’22 quarter.
Finder will provide an update to the market on rig handover followed by regular drilling updates to report progress of drilling operations, with final well results expected to be announced in June.
