Finder Energy Holdings Limited announced the positive results from recently completed technical studies on the Gem Prospect, located within the AC/P 61 permit. Finder holds a 50% interest in the permit which is located in the proven Vulcan Sub-basin. The Gem Prospect is surrounded by a number of oil discoveries including the Jabiru and Challis oil fields (approximately 180 MMbbl oil recovered) to the south as well as a number of stranded undeveloped fields such as Tenacious, Audacious and Oliver.

The studies undertaken by the Finder team included the analysis of over 50 historical wells drilled in the area surrounding the Gem Prospect which showed an exploration success rate of greater than 60% for all wells drilled on valid traps. Interpretation of the new Gem 3D seismic survey has interpreted the Gem Prospect to be a robust trap, further upgrading the prospect. Additional charge migration modelling also concluded that Gem is ideally located to receive hydrocarbons from the proven Cartier Trough source kitchen.

WELL RESULT ANALYSIS; Finder completed a comprehensive review of over 50 exploration wells drilled in the area over the past 40 years. The results showed that approximately 50% of the exploration wells were invalid tests, largely due to incorrect interpretation as a result of the poor imaging in vintage seismic datasets. When a valid structure was drilled the exploration success rate in the area was greater than 60%.

Modern seismic data, such as the new Gem 3D seismic survey has shown significant uplift in data quality and the Gem Prospect has been interpreted to be a robust trap. CHARGE MIGRATION MODELLING; Regional petroleum system modelling was undertaken to review hydrocarbon migration pathways from the proven Cartier Trough source kitchen into AC/P 61. The study showed that both the Plover Formation and Lower Vulcan Formation source rocks are mature to generate and expel hydrocarbons from the Cartier Trough, immediately to the west of Gem.

The Gem Prospect is ideally located along migration pathways with all modelled scenarios showing Gem trapping hydrocarbons.