FINDER EXPLORATION - ircast.com.auircast.com.au/conferences/online/go15/pdf/1114.pdf · FINDER...
Transcript of FINDER EXPLORATION - ircast.com.auircast.com.au/conferences/online/go15/pdf/1114.pdf · FINDER...
FINDER EXPLORATION
RIU Good Oil Conference 2 September 2015
“New data – more opportunity!!”
Technology
Opportunity
Knowledge People
Page 2
“FIND OIL AND GAS”
Farmout and drill 3D supported
prospects on the North West Shelf
Vision
New data – more opportunity!!
1. Finder to date
2. Finder onshore - real rocks
3. Finder offshore - new seismic data
4. Summary
Page 3
North West Shelf - 15 Permits
Ichthys
Brecknock/
Calliance
Petrel
Bayu/Undan
Rankin
Trend
with material participating interests
Poseidon
Torosa
Argus
Gorgon Clio
Port Hedland
Broome
Dampier
Derby
Troughton Is.
Wadeye
Jansz/
Io
Scarborough
Phoenix
Phoenix
Sth
Page 4
Phoenix
Phoenix
Sth
North West Shelf - 15 Permits
Ichthys
Jansz/
Io
Brecknock/
Calliance
Petrel
Bayu/Undan
Rankin
Trend
with material participating interests
AC/P 45 100%*
WA-500-P 100%*
WA-418-P 35%
WA-59-R 25%
Poseidon
Torosa
Argus
Scarborough
Gorgon Clio
AC/P 55 100%*
WA-468-P 100%*
Port Hedland
Broome
Dampier
Derby
Troughton Is.
Wadeye
WA-412-P 100%*
EP 483 & TP/25 100%*
AC/P 56 100%*
AC/P 52 20%
EP 493 100%*
WA-436-P 30%
WA-435-P 20%
WA-437-P 20%
WA-438-P 30%
Oil Discovery
Gas Discovery
Committed Drilling
Pipeline of Opportunities
Page 7
“FIND OIL AND GAS”
Farmout and drill 3D supported
prospects on the North West Shelf
Vision
New data – more opportunity!!
1. Finder to date
2. Finder onshore - real rocks …. and lots of ‘em!!
3. Finder offshore - new seismic data
4. Summary
Page 8
Phoenix
Phoenix
Sth
EP 493
Ichthys
Jansz/
Io
Brecknock/
Calliance
Petrel
Bayu/Undan
Rankin
Trend
lots and lots of real rocks! (778 metres of core = 6.5 tonnes)
Poseidon
Torosa
Argus
Scarborough
Gorgon Clio
Port Hedland
Broome
Dampier
Derby
Troughton Is.
Wadeye
EP 493 100%*
Committed Drilling
Theia
Page 9
Theia – EP 493 – Finder 100% Edgar Range-1 McLarty-1
• Liquids rich shale play (Lower Goldwyer or Goldwyer III)
• Permit south of the Buru & Mitsubishi acreage – and their recent Praslin-1 discovery
• Permit between McLarty-1 & Edgar Range-1 wells which both intersected excellent shales
• Initial exploration program focussed on best rocks with great access!
• Accelerated a Permit Year Two well ….. Theia-1 drilled July/August 2015 to 1,645 mRT
• Initial results - validation of the model ….. but a ways to go
Edgar Range-1
McLarty-1
Theia-1 well
location
Theia-1
Page 11
40,000 worked hours without an injury
• to ensure a safe working environment:
– 94 project inductions;
– 12 weekly HS&E meetings;
– 232 tool box talks;
– 10 hazard hunts;
– 24 inspection audits; and
– 33 emergency exercises
• this focus delivered
– NO injuries
– Six incidents
• 2 recordable environmental –
centrifuge mud spill and 20 litre diesel spill from camp generator
• 2 equipment damage – wireline spool winch + core barrel
• One quality – drill string twist off event; and
• One first aid case – lower back pain from driver of the water cart –
cart removed from service
and while it is about the rocks – HS&E performance is critical
Page 12
Broome
Goldwyer III depositional model Goldwyer III potential
Limited or no unconventional
potential in Goldwyer III
Significant unconventional
potential in Goldwyer III
Goldwyer III potential unknown
(not enough well data)
Lagoon / sheltered from winds
with little or no faulting
Leo-1
Great
Sandy-1
Calamia-1
Willara-1
Parda-1
Goldwyer-1
Aquila-1
Hedonia-1
Thangoo-1A
Pictor-1
McLarty-1
Looma-1
Kanak-1
Fruitcake-1
Missing-1
Crystal Creek-1
Matches Springs-1
Hilltop-1
Cyrene-1
Fault controlled offshore
islands/shallow barrier bars
Epeiric sea with open oceanic
circulation
Twin Buttes-1
Complex faulting to
surface
-> pressure release
Pictor-1 normal
pressure
(complex faulting->
pressure release)
1,500 mGL
base GIII
depth contour
Sharon Ann-1
Lagoon / sheltered from winds
with post-Goldwyer III faulting
Canopus-1
Edgar Range-1
Wind induced
oceanic current
direction
Mid. Ordovician
prevailing wind conditions
EP 493 Theia-1
base map is a residual
reduced to pole of the
aeromagnetic data
depositional environments
Sunshine-1
Lovells Pocket-1
Robert-1
Page 13
Goldwyer model – appears validated
• Rocks ca. 460 million years old and in August ‘15 these were in the ground!
Page 14
• Rocks ca. 460 million years old and in August ‘15 these were in the ground!
• Hydrocarbon generation - fluorescence in cores shows
maturity with hydrocarbon odour and gas haze
Goldwyer model – appears validated
Page 15
• Rocks ca. 460 million years old and in August ‘15 these were in the ground!
• Hydrocarbon generation - fluorescence in cores shows
maturity with hydrocarbon odour and gas haze
• Goldwyer III - ~120 metres thick
• two thick rich intervals of ~60 metres - supported
by increased resistivity and high wet mud gas readings
• with indications of overpressure
• initial wellsite gas desorption data comments -
“results are some of the best seen from McArthur,
Beetaloo and up there with some of the best Cooper wells”!!
• plus an interpreted geothermal gradient in the oil window
• but more to do ….. ie confirm
• TOC, thermal maturity and GOR
• shale poro/perm and mineralogy
• geomechanics
• potential resource capacity (scf/bbls per tonne)
1,200
1,300
1,400
1,500
1,600
Goldwyer I
Goldwyer model – appears validated
1,645
Goldwyer III
Page 16
Dampier Downs unsealed road 140 km
from Great Northern Highway
(+50 km to Broome)
• Theia-1 drilled in
July/August 2015
• 140 km Dampier Downs
road upgraded
• 3.5 km access track
upgraded along existing
seismic line to well pad
• Great access going
forward - only minor
seasonal road upgrades
required
• Well pad & camp cleared
Great access – easier to commercialise
EP 493
Theia-1 well location
Page 17
Finder Shale – valuation first steps
Trendology
• Regional geology
• Old logs, seismic
Undeveloped
• Logs, seismic
• Oil and gas shows
• Tests
Appraisal
• Successful tests
• Prod. from horizontals
• Modern frac. stimulations
Developed
• Production history
• 100s of wells drilled
US$15 – 50/ acre
• Lierle Leasing Report (U.S.)
• International Exploration
License applications
US$50 – 1,000/ acre
• Americas Petrogas/Exxon
(Argentina)
• Drillsearch/BG Group
(Australia)
• Lane/Conoco (Poland)
• Beach/Adelaide Energy
(Cooper Basin)
US$1,000 – 6,000/ acre
• Consol/Hess (Utica Shale)
• Hillcorp/KKR (Eagle Ford)
US$5,000 - 30,000/ acre
• Consol/Noble Energy (Marcellus)
• Chesapeake/BHP (Fayetteville)
• Reliance/Atlas (Marcellus)
• Hillcorp Holdings/Marathon
Eagle Ford)
modified after Falcon Oil and Gas Ltd (Sept 2012)
Value proposition of early entry
in unconventional shale plays
mostly North American examples
US$10-
US$12
EP 493
pre-Theia-1
??
Page 18
“FIND OIL AND GAS”
Farmout and drill 3D supported
prospects on the North West Shelf
Vision
New data – more opportunity!!
1. Finder to date
2. Finder onshore - real rocks
3. Finder offshore - new seismic data
• Bedout
• State Waters
• WA-500-P
• AC/P 55
4. Summary
Page 19
40% and Operator
20%
20%
20%
Phoenix
Phoenix
Sth Rankin
Trend Jansz/
Io
Scarborough
Phoenix South oil discovery - WA-435-P
Ichthys
Brecknock/
Calliance
Petrel
Bayu/Undan
Poseidon
Torosa
Argus
Gorgon Clio
Port Hedland
Broome
Dampier
Derby
Troughton Is.
Wadeye
WA-435-P 20%
Phoenix Sth
Drilled Q2/Q3 2014 – OIL DISCOVERY!!
JX Nippon Oil & Gas Exploration
Page 20
19 km2
not in closure
46 km2
Phoenix
South-1
Phoenix-1
Phoenix-2
Phoenix South oil discovery - WA-435-P - Finder 20%
Port Hedland
3D visualisation of the Phoenix 3D seismic survey
Near top oil (241T) depth surface
• Phoenix South-1 was a liquids rich gas target
=> an oil discovery!
• highside resource estimate as much as
300 mmbbls OOIP
• 4 oil columns ranging from 26 to 46 metres –
and confirms reservoir model
• light oil (45 to 48° API) confirmed by samples
• permeability measurements indicate a
productive oil reservoir (~10s to ~100s mD)
WA-435-P 20%
2010 Phoenix 3D/2D seismic data – courtesy of Spectrum
Broome
Phoenix
South Ph
oen
ix-1
Kera
ud
ren
-1
Ph
oen
ix-2
Better Reservoir Development SE NW
11% Av Ф
~18% AvФ
10% Av Ф
Nebo
Phoenix
Phoenix
Sth
Phoenix = ~1,100 km2
JX Nippon Oil & Gas Exploration
Page 22
WA-436-P 30%
WA-435-P 20%
WA-438-P 30%
Roc - WA-437-P - Finder 20%
Port Hedland
WA-437-P 20%
Broome
2010 Phoenix 3D/2D seismic data – courtesy of Spectrum
Phoenix
South
Roc
Ph
oen
ix-1
Kera
ud
ren
-1
Ph
oen
ix-2
Better Reservoir Development SE NW
11% Av Ф
~18% AvФ
10% Av Ф
19 km2
not in closure
46 km2
66 km2
Phoenix
South-1
3D visualisation of the Phoenix 3D seismic survey
Near top oil (241T) depth surface
Roc
Bewdy Bottler
• Phoenix South-1 oil discovery de-risks Roc
• Quadrant and JX commit to drill – Q4 2015
• one and a half times the size of the Phoenix
South structure - 680 mmbbl highside OOIP
• reservoir model & shallower target depth
suggests even better sands compared with
Phoenix South-1
• Plus new 3D & 2D data for the next phase of
exploration
~9,800 km of 2D
Capreolus = ~5,100 km2
Phoenix
Roc Nebo Phoenix
Sth
JX Nippon Oil & Gas Exploration
Zeester = ~3,490 km2 Phoenix-1
Phoenix-2
Page 24
“FIND OIL AND GAS”
Farmout and drill 3D supported
prospects on the North West Shelf
Vision
New data – more opportunity!!
1. Finder to date
2. Finder onshore - real rocks
3. Finder offshore - new seismic data
• Bedout
• State Waters
• WA-500-P
• AC/P 55
4. Summary
Page 25
Phoenix
Phoenix
Sth
EP 483 & TP/25
Ichthys
Jansz/
Io
Brecknock/
Calliance
Petrel
Bayu/Undan
Rankin
Trend
Poseidon
Torosa
Argus
Scarborough
Gorgon Clio
Port Hedland
Broome
Dampier
Derby
Troughton Is.
Wadeye
EP 483 & TP/25 100%* Pipeline of Opportunities
new 3D seismic pSDM acquisition option
Page 26
EP 483 & TP/25 - Finder 100%
• Surrounded by oil and gas discoveries
• ~4,056 km 2D seismic reprocessing &
interpretation in Year One delivered > 20 P&Ls
• plus stratigraphic enhancement of Birdrong
• & new deeper potential play levels
• Permit Year Three - May 2015 acquisition of
~150 km2 pSDM 3D seismic to address P&L size
S N
EP 483
TP/25
JO TWT (sec)
TW
T
Upper
Triassic
2 km
Biggada?
Upper
Barrow Birdrong
Ridley Tubridgi
Nimrod
Corowa
P&Ls
(in-place volumes)
Triassic Eagle lead
P90 = 80 mmbbl / 143 BCF
P10 = 433 mmbbl / 780 BCF
NE Anchor
11.7 mmbbl Anchor lowside
24.9 mmbbl
SE Anchor
9.9 mmbbl
West Santo
8.6 mmbbl
Santo N
18.0 mmbbl
East Santo
10.3 mmbbl
NW Santo B
14.8 mmbbl
West Santo pinchout
P90 = 35.1 mmbbl
P10 = 260.3 mmbbl
Santo SW
7.4 mmbbl
NW Santo A
15.2 mmbbl
Page 28
“FIND OIL AND GAS”
Farmout and drill 3D supported
prospects on the North West Shelf
Vision
New data – more opportunity!!
1. Finder to date
2. Finder onshore - real rocks
3. Finder offshore - new seismic data
• Bedout
• State Waters
• WA-500-P
• AC/P 55
4. Summary
Page 29
Phoenix
Phoenix
Sth
WA-500-P
Ichthys
Jansz/
Io
Brecknock/
Calliance
Petrel
Bayu/Undan
Rankin
Trend
3D seismic pSDM reprocessing option
WA-500-P 100%*
Poseidon
Torosa
Argus
Scarborough
Gorgon Clio
Port Hedland
Broome
Dampier
Derby
Troughton Is.
Wadeye
Pipeline of Opportunities
Page 30
Triassic depth Triassic amplitude
Urania North Lead – Noblige look-a-like?
WA-500-P - Finder 100%
Rankin
Trend
WA-500-P 100%*
Angel
Jansz/Io
Mutineer/
Exeter
• Permit Year Two (Permit award 17 April 2014)
• Three identified play levels –
Triassic Mungaroo (Urania North Lead),
Jurassic Eliassen & Cretaceous basin floor fans
• 1,200 km2 pSDM reprocessing of Willem 3D
in Permit Year One
• Permit Year Three 210 km long offset 2D –
accelerated to July 2015 and also
Permit Year Four Qi accelerated into 2015
Pluto
Fletcher
Urania Nth Urania Nth
Urania North Lead – Noblige look-a-like?
mid stack
W E
Noblige
look-a-like?
JS
ART12
JO JS
ultra far stack
W E
ART12
JO
brighter on
fars
Noblige
look-a-like?
open file data
open file data
www.searcherseismic.com
Arbitrary Line in depth – original with original velocities
32
Data courtesy of Searcher Seismic Pty Ltd – “Drop Bear pSDM MC3D”
Pyxis-1 Pluto-4 Urania-1 Ixion-1 A B
A
B
www.searcherseismic.com
Arbitrary Line in depth – pSDM Reprocessing
33
corrected for
complex ray paths
obvious
gas
obvious
gas obvious
gas
Data courtesy of Searcher Seismic Pty Ltd – “Drop Bear pSDM MC3D”
high resolution
velocity model
deeper prospectivity
requires longer offset
data from Dunnart 2D
Pyxis-1 Pluto-4 Urania-1 Ixion-1 A B
A
B
www.searcherseismic.com
Pyxis-1 Pluto-4 Urania-1 Ixion-1 A B
A
B • Inversion results stretched to depth for display – with vertical exaggeration
• Good correlation between well litho-facies and inversion results
• Gas-sand intersected at recent Pyxis-1 location below K horizon
• Another strong gas indication between Pluto-4 and Pyxis-1
at about the same depth as the deeper Urania-1 gas
Arbitrary Line in depth – pSDM + initial JiFi** results
34
obvious
gas
obvious
gas obvious
gas
Data courtesy of Searcher Seismic Pty Ltd – “Drop Bear pSDM MC3D”
T horizon
K horizon
JS horizon
ARS10 horizon
** JiFi = Joint Impedence and Facies Inversion
is a unique deterministic inversion that takes partial angle stacks and solves jointly for facies & impedance
Page 35
“FIND OIL AND GAS”
Farmout and drill 3D supported
prospects on the North West Shelf
Vision
New data – more opportunity!!
1. Finder to date
2. Finder onshore - real rocks
3. Finder offshore - new seismic data
• Bedout
• State Waters
• WA-500-P
• AC/P 55
4. Summary
Page 36
Phoenix
Phoenix
Sth
AC/P 55
Ichthys
Jansz/
Io
Brecknock/
Calliance
Petrel
Bayu/Undan
Rankin
Trend
Poseidon
Torosa
Argus
Scarborough
Gorgon Clio
AC/P 55 100%*
Port Hedland
Broome
Dampier
Derby
Troughton Is.
Wadeye
Pipeline of Opportunities
new 3D seismic pSDM acquisition option
Page 37
Bonza
AC/P 52
Cronus
Leviathan
Cyclopes
Chiron
Sphinx
Sphinx Sth
AC/P 45
Alpha
Greater Zeta
Iota
Sigma
Kappa
Lambda
Epsilon Sigma Nth Keeling
Puffin
Omega
Abalone-1
Abalone
Deep-1 Argus
Gas
Oil
L. Cretaceous
Plover
Puffin
Triassic
Prospects & Leads
Fields
Permian
Oliver Fm
0 50
North
km
Skua
Swan
AC/P 55
Cracker
AC/P 56
AC/P 55 - Finder 100% - Bonza
• Structural oil play + Zeta extension
• Bonza - 150 mmbbl Puffin & Jabiru Fields
“look-a-like” (oil) with excellent access to
charge - first structure from the graben
• Northern extent of the Zeta Prospect
• Cash/Maple analogues in the east?
• Prospectivity warranted new 3D seismic –
acquisition July/Aug. ‘15 + Onnia 3D repro.
NW Dip Line SE
JO
57T
TO
R
C
Challis/
Pollard
Puffin Eocene
Palaeocene
5.2S
Recent to
Pliocene
Cretaceous
Miocene-
Oligocene
R
C
Lwr Jurassic
-Upr Triassic
Bonza
play fairway
Base Tertiary viz.
Bonza
Puffin Nth
no seal
no sand
Alpha
Zeta
3D = ~440 km2
pSDM
Page 38
2D and 3D available databases
~ 1,052 line km of 2D reprocessed data from tapes 87JB 607 km
BR98 42 km
T90 92 km
H283A 216 km
HV7 95 km
TOTAL 1,052 km
TR89A
Onnia
Cartier MC3D “Finder licensed”
Cartier MC3D AC/P 55 Year 1
commitment
~437 km2
Quoll seismic
acquisition
Merged
3D pSDM
project
Bonza
Page 39
“FIND OIL AND GAS”
Farmout and drill 3D supported
prospects on the North West Shelf
Vision
New data – more opportunity!!
1. Finder to date
2. Finder onshore - real rocks
3. Finder offshore - new seismic data
4. Summary
Page 40
In our pursuit to FIND OIL AND GAS
• Finder is an opportunity company driven by geoscience
excellence, new data and deal flow
• Finder is realising our vision through drilling
• 4 wells to date – 3 confirmed hydrocarbons
• 3 wells in the next 12-18 months
Technology
Opportunity
Knowledge People
Page 41
Well Permit
Olympus-1 WA-450-P
now WA-59-R
Phoenix South-1 WA-435-P
Theia-1 EP 493
Roc-1 WA-437-P
Hyde-1 WA-418-P
Cronus-1 AC/P 52 Yr 6
Finder - realising the vision
“FIND OIL AND GAS”………through drilling
Dec. ‘12
May ‘14
Q3 2016
Spud Date
Q4 2015
July ‘15
And more to come as they mature to “drill-ready”!!!!
Page 42
In our pursuit to FIND OIL AND GAS
• Finder is an opportunity company driven by geoscience
excellence, new data and deal flow
• Finder is realising our vision through drilling
• 4 wells to date – 3 confirmed hydrocarbons
• 3 wells in the next 12-18 months
• Finder has a selection of great farmin opportunities
maturing across ~47,000 km2 - most with NO material
forward commitments
• New data = MORE OPPORTUNITY!!
• Not to mention Canada!
So please contact us ……..
Technology
Opportunity
Knowledge People
Page 43
For further information please contact:
Craig M. Gumley
Manager – Business Development
Finder Exploration Pty Ltd
Email: [email protected]
Website: www.finderexp.com
or
around the conference
Finder contact details
Jan Dariusz Shane Aaron Ryan Ostby Jablonski Westlake Bond Taylor-Walshe
Phone: +61 8 9327 0114
Fax: +61 8 9327 0101 9 Richardson Street
West Perth WA 6005
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