Finder Energy Holdings Limited announced that the Diamond Offshore Ocean Apex semi-submersible drilling rig has mobilised to the Kanga-1 well location in WA-412-P and expects to commence drilling operations by the weekend once anchoring and setup is completed. The Kanga-1 well will take approximately 25 days and reach a total depth of 3,300m. The Kanga Prospect is located in WA-412-P in the Dampier Sub-basin approximately 20 km east of the Mutineer/Exeter and Fletcher/Finucane oil fields. SapuraOMV as Operator of WA-412-P is managing the well operations on behalf of the joint venture. The Kanga Prospect is a large robust structure with the primary objective being the Jurassic Legendre Formation reservoir sandstone. The Kanga Prospect has been independently reviewed by ERCE Australia Pty Ltd. with estimated gross Best Case Prospective Resources of 170 mmbbl1, representing over 25 mmbbl net to Finder's 15% participating interest. Finder has a fixed, capped contribution to the well of USD 0.94 million. Finder will provide regular drilling updates to report progress of drilling operations, with well results expected to
be announced in late May/early June. The joint venture has submitted an extension to permit year 5 of WA-412-P to the National Offshore Petroleum Titles Administrator (NOPTA) and expects the extension to be granted within a month. Kanga-1 Drilling Plan: The Diamond Offshore Ocean Apex semi-submersible drilling rig has been contracted to drill the Kanga-1 exploration well. Kanga-1 is a vertical well with an estimated time to drill, plug and abandon and demobilise the rig around 30 days (base case, trouble free). The base case well design is drill 42" x 26" hole to around 222 metres and set 36"x 20" conductor; drill 17 ½" hole to around 2,065 metres and set 13 3/8" intermediate casing; drill 12 ¼" hole to around 3,128 metres and set 9 5/8" casing; Drill 8 ½" hole through reservoir objective to a well total depth of around 3,300 metres; Plug and abandon well. No hydrocarbons are anticipated above the 8 ½" hole sections. In a success case, the well will be comprehensively evaluated with a wireline program which includes pressures and sampling. In all cases, once the drilling of Kanga-1 is completed the well will be plugged and abandoned in accordance with the approved drilling plans.