EP 493 – Onshore Canning Basin

06/11/2015 – During the drilling of the Theia-1 exploration well in the Canning Basin Finder was delighted to have collaborated with both WADMP and GSWA during coring operations. To find out more please see the article on page 8 of the September-November 2015 “Prospect” magazine, published by the Western Australian Government’s Department of Mines and Petroleum and the Department of State Development. The magazine can be found here

31/08/2015 – Finder is pleased to announce that operations in relation to the drilling of the Theia-1 exploration well in Exploration Permit EP 493 of the onshore Canning Basin are now complete. Theia-1 was a test of the Middle Ordovician Goldwyer III liquids rich resource play and early assessment of the well results appear to validate the geological model and de-risk the play.

World class oil mature source rocks with significant liquids rich resource play potential – analogues are the Duvernay Shale of Canada and the Tarim Basin of China

Middle Ordovician Goldwyer III (basal Goldwyer) core recovered from Theia-1 – excellent liquids rich shale


Key Information

Operator: Finder Shale Pty Ltd

Exploration Permit EP 493 was awarded to Finder on 1 March 2015 and is located within the Broome Platform in the Great Sandy Desert. The Permit has excellent road access and is approximately 150 km southeast of Broome. Finder drilled the Theia-1 exploration well during July/August 2015 to test the Middle Ordovician Goldwyer III liquids rich resource play. Early assessment of the well results have validated the geological model de-risking the play. Theia-1 was drilled to ~1,645 mRT utilising “slim-hole” drilling technology to maximise data capture (778 metres of continuous core) while also reducing the environmental footprint. Finder presently operates the Permit with 100% equity and are open to divesting equity to potential likeminded partners. For further information, please contact us by emailing [email protected].

Opportunity Highlights

  • Liquids rich resource play: Early assessment of the well results appear to validate the geological model, ie the discovery of a liquids rich Goldwyer III section ~140 metres thick across two zones (~60 metres in total).

Theia-1 highlights during drilling:

  • high wet mud gas readings;
  • a visible gas haze escaping from the cores at surface;
  • fluorescence with strong hydrocarbon odour.

Post well analysis:

  • high TOC from geochemistry;
  • GCMS from oil extract proves light oil with low wax content;
  • SEM shows kerogen conversion to porosity;
  • geothermal gradient and kerogen maturity indicating peak to late oil window;
  • over-pressure present, estimated at 1.22 sg (10.15 ppg)
  • geomechanics modelling indicates rocks are susceptible to vertical fracture propagation.
  • Plenty of “running room”: EP 493 covers ~4,610 km² (ie ~1.1 million acres) and is early in the exploration cycle – EP 493 was granted on 1 March 2015;

Canning Basin Overview

The Canning Basin covers an area of some 600,000 km2 which includes onshore and offshore parts of the central part of the Westralian Superbasin. Onshore, the basin is bounded to the north by the Precambrian Kimberley Block. The Pilbara Block, Officer Basin and Musgrave Block define the basin’s southern limits. The boundary of the basin with the Amadeus Basin to the east is defined by an arch of Upper Proterozoic sediments of the Arunta Region. The offshore north-western edge of the Canning Basin is defined by the north-westerly Palaeozoic structural trends which are bounded by a north-east to south-west oriented extensional Mesozoic depocentres. The Canning Basin is dominated by two major depocentres, both trending in a north-westerly direction, i.e. the Gregory and Fitzroy Sub-basins in the north and Kidson and Willara Sub-basins in the south. These are separated by a mid-basin arch system that is dominated by the Broome Platform and its south-eastern extension, i.e. the Crossland Platform. The Permit is on the Broome Platform.

Canning Basin – depth to basement & main tectonic elements.

Middle Ordovician Goldwyer III (basal Goldwyer) depositional model – determined from regional offset well analyses and Finder proprietary studies. Extent of the depositional facies is constrained aeromagnetic data. Estimates of the oil retained and gas/oil ratio are based on detailed geochemical modelling with overpressure estimated from well logs. Theia-1 will test the Goldwyer III sweetspot – which is approximately half the size of the Eagle Ford Shale in the USA.