Finder is pleased to announce that it has signed a farm-in agreement with Eneabba Gas Limited (ASX:ENB) covering the Ocean Hill Gas Project located in the North Perth Basin, Western Australia. Upon completion Finder will assume Operatorship and an 85% equity position. Please see here for the link to the Eneabba ASX announcement.
Finder’s Managing Director, Jan Ostby, said: “It is fantastic to secure this proven gas discovery in north Perth Basin, where the Ocean Hill-1 well flowed gas at a rate of 0.7 MMscf/d with associated liquids of 15-23 bbl/MMcf from the Cadda Formation in 1991. Improvements in drilling and well testing technology in the last 20 years suggest a very positive outcome from the upcoming work program.”