Big Bird – a 3d seismic project – has helped unlock a pair of central North Sea exploration targets for minnow Finder Energy (ASX: FDR) and Dana Petroleum.
The Australia-listed firm said the new data has de-risked a number of opportunities in its P2530 licence, which sits nearby to the Kittiwake, Goosander and Grouse fields.
P2530 is owned 60% by Finder, partnered with Dana Petroleum, which farmed in to 40% last year.
Finder Energy said that among the leading items is appraisal of the Wagtail oil discovery, and identification of two low-risk prospects: Marsh and Bancroft.
Another four prospects were also identified, it said.
The data project has assessed appraisal potential of 19 million barrels (gross 2C) of resource at Wagtail, with a 57% chance of success.
Bancroft and Marsh have gross mean prospective resources of 32 million and 23 million barrels respectively, with Bancroft at a 42% CoS and Marsh at 40%.
Finder said it will soon be launching a farm-out process to secure a partner to find drilling activity.
Having completed Phase A of the licence, Finder and Dana will soon make a decision to enter into the next two-year period, with a drill or drop decision in Q3 2025.
The licence is part of Finder’s infrastructure-led exploration strategy, it said, with the targets within P2530 being located within tie-back distance of existing infrastructure.
As well as Kittiwake, which is closest, the licence sits nearby to the Forties, Nelson, Montrose, Gannett and Anasuria assets.
Finder Energy managing director Damon Neaves said: “The Big Bird 3D reprocessing project has de-risked a number of opportunities in P2530, ranging from appraisal of the Wagtail oil discovery to low-risk exploration prospects like Bancroft and Marsh. This is an example of the value.
“Finder’s industry-leading subsurface team creates through the use of high-end seismic technologies to reveal structures previously hidden from sight.”
Big Bird is a 730 square-kilometre seismic reprocessing project from Searcher Seismic, announced last year, along with the similar “Big Buzz” project of 1,568 square kilometres.
The two have assessed developments around the Buzzard oilfield, within tie-back distances to the Kittiwake and Forties field developments.
Other prospects found within P2530 are Turner, Tye, gar and Stoinis – CoS of 20% or less – with combined gross resources of 95m barrels on a p50 (best estimate) basis.