Finder Exploration has been awarded a new Exploration Permit (EP) AC/P61, located in the Vulcan Sub-basin, western Bonaparte Basin in the Timor Sea, approximately 250 km offshore and 650 km from Darwin off the northwest coast of Western Australia.

The permit, now fully owned and operated by Finder, was awarded to the company on Thursday, June 23, 2016 for a duration of one year. The surface of the area is around 335 sq. km at a water depth between 125 and 340m.

According to Finder, the exploration permit is surrounded by oil discoveries. It is in close proximity to six oil and gas discoveries, namely, the undeveloped Tenacious oil field, the depleted Jabiru oil field, yet-to-be-developed Audacious oil field, the Oliver gas and oil discovery and the Cash/Maple gas complex.

The company also said that four petroleum systems were identified in the permit. The Upper Vulcan Formation is charged from Oxfordian to Kimmeridgian and Plover oil prone source rocks while the Plover, Nome and Pollard formations are all charged from Plover Formation rock sources.

Finder added that a significant prospect was identified in the Gem Prospect while other leads seen in the permit are the Douglas Updip lead and a possible extension of the Tenacious oil field into the permit.

The permit is fully covered by the Onnia 3D seismic survey. The survey will include the adjacent offset well ties from the Oliver, Tenacious and Audacious oil and gas fields to deliver full permit coverage.