100% Finder No 1 Pty Ltd & Operator
Surface area: ~2,985 km²
Water depth: 110 to 130 metres
Finder No 1 Pty Ltd, a wholly owned subsidiary of Finder Exploration Pty Ltd (“Finder”), was awarded Exploration Permit WA-446-P on 13 May 2010 (which was gazetted as W08-1 in the 2008 acreage release round). The Permit is located in the Joseph Bonaparte Gulf approximately 270 km west of Darwin in the Northern Territory. The area lies ~100 km southeast of the producing Bayu Undan Gas Field and ~75 km northwest of the Petrel and Tern Gas Fields, both of which are scheduled for near term production.
The Petrel Sub-basin is an asymmetric, northwest-southeast-trending Palaeozoic rift that occurs in the eastern portion of the Bonaparte Basin and extends onshore where it contains a succession of thick Palaeozoic and thinner Mesozoic sediments. The eastern and south-western margins of the sub-basin are flanked by platforms of relatively shallow basement and thin sediment cover. Sedimentation in the sub-basin commenced in the Cambrian and northeast-southwest rifting was initiated in the Late Devonian to Early Carboniferous. Offshore, the Petrel Sub-basin is orthogonally overprinted by a northeast-trending structural grain that resulted from Late Palaeozoic and Mesozoic rifting. Strata within the Petrel Sub-basin dip regionally to the northwest about a northwest-plunging synclinal axis, resulting in exposure of Early Palaeozoic sediments in the southern onshore area and in the progressive subcropping of Late Palaeozoic, Mesozoic and Cainozoic sediments offshore. The Late Palaeozoic-Mesozoic section exceeds 15 km in thickness in the central and northern Petrel Sub-basin. This is a proven hydrocarbon Basin, as evidenced by the Petrel, Tern, Blacktip gas fields and the Turtle and Barnett oil fields. The Bayu Undan liquids rich gas field is on the opposite margin of the Malita Graben from the WA-446-P Permit. Refer to the 2D seismic section below for a summary of the key Gull Deep and Gull Updip exploration targets.