Finder Exploration Pty. Ltd., Perth, has been awarded a permit in the Vulcan subbasin in the western Timor Sea.
Designated AC/P61, the permit lies in 125-340 m of water and 250 km offshore northwestern Western Australia, 650 km from Darwin.
The permit contains the Gem prospect, which has been delineated as a horst block, 190 m of vertical relief, and is a look-alike to the structure that contains the now depleted Jabiru-Challis oil fields to the south.
There are also numerous oil discoveries in the surrounding area, including Tenacious oil field immediately to the west, Audacious oil field to the east, and Oliver oil and gas field to the north. All of these are yet to be developed.
In addition, the Cash-Maple gas field complex lies 30 km west of the new permit.
Finder, which has 100% ownership of AC/P61, plans to reprocess existing 3D seismic data to include the adjacent offset well ties from Oliver, Tenacious, and Audacious fields.
Apart from Gem, other leads in the permit include the Douglad up-dip lead and a potential extension of Tenacious into the permit.