Following the transaction, Finder will hold on to a stake of 10% in the permit located in the Northern Carnarvon Basin, south of the Clio and Gorgon major gas fields.
The financial aspects of the transaction were not disclosed by the parties.
Finder says that the farm-out of the permit confirms its ability to capture high grade quality acreage by forging commercially aligned partnerships and also through strong geosciences.
According to Finder CEO Shane Westlake, the company has identified large multi-TCF Triassic gas and large Cretaceous oil prospects through its acreage review.
Westlake added: “We are now looking forward to working with Woodside on the new Isometrix Exmouth MC3D seismic data acquired earlier in the year with processing expected to be finished in May 2018.
“The Permit is ideally located amongst some of the largest gas discoveries on the North West Shelf and this transaction is another step towards becoming a leading explorer in the region.”
Finder had bagged the WA-520-P exploration permit in September 2015.
The permit straddles the boundary between the Exmouth Sub-basin and Exmouth Plateau and is about 200 km west of Dampier. It features the Zeepaard-1 Triassic gas discovery.
Finder says that over the next couple of years it intends to carry out significant activities. Included in them are drilling of five high impact exploration wells which it says have the potential to transform it into a diversified exploration and production firm.
