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    Aussie junior enters UK offshore

Summary

The licence is situated near the Cnooc-operated Buzzard field.

by: Joe Murphy

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Aussie junior enters UK offshore

Australia's Finder Energy has secured full ownership of the P2528 licence in the UK North Sea after filing a successful bid in the country's 32nd licensing round, the company said on April 7.

P2528 is situated at the southern edge of the South Hallibut basin in the central North Sea, some 90 km northeast from Aberdeen and near the Cnooc-operated Buzzard oilfield, one of the UK's biggest oil producers with 1bn barrels of reserves.

Finder has identified Whitsun as the lead prospect at the licence, the company said, noting it would target the same Upper Jurassic reservoir found at Buzzard. There are a further four prospects and leads and an oil discovery in the 454-km2 area.

"Finder recently announced its entry into the North Sea and the addition of the P2528 licence is complimentary with our strategy to secure high-quality exploration acreage close to discoveries and infrastructure," company CEO Damon Neaves said. "Finder will unlock the exploration potential in this licence using the latest generation 3D seismic reprocessing technologies. In the coming weeks we expect to announce further acquisitions and partnerships as Finder continues to build its North Sea exploration portfolio."