Perth Based Finder Exploration Sells Four Offshore Western Australian Oil, Gas Permits

Perth based Finder Exploration has sold its stake in four Bedout Sub-basin explorations permits to Quadrant Oil Australia.

The permits WA-435-P (20%), WA-436-P (30%), WA-437-P (20%) and WA-438-P (30%) are located 130 kms off the coast of Western Australia and contain both the 2014 Phoenix South oil discovery and the 2015 Roc wet gas discovery.  

Financial details of the transaction were not disclosed, but include a combination of success payments and a royalty, Finder said in a statement.  

“We have great confidence in Quadrant as an operator of choice on the North West Shelf with a strong history of delivering projects on time and within budget.  Notwithstanding our exit from the permits Finder believes in the potential of the Bedout Sub-basin and as such is prepared to back our technical judgement with a success based payment schedule,” Shane Westlake, Finder's Chief Executive Officer said.

Finder has a strategic alliance with Fugro to provide technical and financial support for selected Finder exploration opportunities.  In return Fugro receives a share of the profits earned from the projects in which it participates.  As such Fugro is entitled to a 50% share of the profits from this transaction.