Following the award of its first North Sea licence in February this year, when Finder Energy announced it had been awarded a 100% interest in P2530 near the Kittiwake area in the Central North Sea, today it released the news that the company acquired two more UK North Sea licences from Azinor.
Together with an additional licence it was awarded in April this year to the southeast of Buzzard (P2528), Finder now has a significant North Sea presence.
The acquired licences from Azinor include P2502 and P2524.
P2502 is located on the western edge of the East Shetland Basin, Northern North Sea, and covers an area of 424 square kilometres. 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% working interest in this licence.
P2524 is located on the southern flank of the South Viking Graben, Central North Sea, and covers an area of 171 square kilometres. 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% working interest in this licence, with Harbour Energy holding the remaining 60% working interest.
Two former Azinor co-founders and directors, Nick Terrell and Henry Morris, also join the company.
“The Azinor 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,” said Damon Neaves, CEO of Finder.
