Seismic Advances De-risk Finder Energy’s Near-field Exploration, Raising Stakes for Funding
Finder Energy reports excellent progress on its Ikan 3D seismic reprocessing project, with imaging results exceeding expectations and the project on track for completion by end Q1 2025. The enhanced data aims to optimise development wells and de-risk exploration targets, potentially unlocking significant value.
- Ikan 3D seismic reprocessing 66% complete and on schedule
- Imaging results exceed expectations, improving fault and reservoir clarity
- Optimisation of Kuda Tasi and Jahal development well locations underway
- Re-evaluation of Krill and Squilla oil fields to refine resource potential
- Project supports securing funding partners through de-risked exploration targets
Project Progress and Technological Advances
Finder Energy Holdings Limited (ASX: FDR) has provided a detailed update on its Ikan 3D seismic reprocessing project, revealing that the initiative is now 66% complete and progressing on schedule for a targeted finish by the end of the first quarter of 2025. The project utilises cutting-edge seismic processing technologies, including Full Waveform Inversion (FWI) and advanced pre-processing techniques, delivered by EIF Geosolutions with the Australian-owned DUG McCloud platform.
Technical Director Shane Westlake, a seasoned geophysicist with over two decades of experience, highlighted that the imaging results to date have exceeded expectations. These improvements are critical for enhancing the clarity of subsurface fault structures and reservoir characteristics, particularly under complex geological settings such as the shallow faulting and reef areas within the PSC 19-11 permit.
Strategic Objectives: Well Placement and Resource Reassessment
The primary goal of the reprocessing is to optimise the placement of development wells in the Kuda Tasi and Jahal fields. Enhanced seismic imaging is expected to provide a more accurate definition of the main structural fault edges and complexities, which are essential for maximising production efficiency and reducing drilling risks.
Additionally, the project aims to re-evaluate the resource potential of the Krill and Squilla discovered oil fields located in the southern part of the PSC. Improved imaging under these fields is anticipated to redefine their resource estimates and inform appraisal drilling strategies, potentially unlocking additional reserves.
De-risking Exploration Targets and Funding Implications
Beyond development optimisation, the seismic reprocessing is critical for de-risking several near-field exploration targets within the PSC. These targets, which could be tied back to existing infrastructure such as the Kuda Tasi/Jahal FPSO or a future development hub, carry a high chance of hydrocarbon presence but face uncertainties related to fault seal integrity and fluid fill.
Advances in seismic data processing, including deghosting, demultiple, and denoising, have significantly improved fault imaging through the top seal, enabling a more confident assessment of trap integrity and hydrocarbon fill. This enhanced understanding is expected to increase the attractiveness of these prospects to potential industry partners and support Finder’s efforts to secure funding for further exploration and development.
Outlook and Market Positioning
Finder Energy’s methodical approach to seismic reprocessing and resource evaluation underscores its commitment to maximising the value of its PSC 19-11 assets. The project’s progress and promising results position the company well to finalise development plans and attract investment, potentially translating into increased shareholder value.
As the project nears completion, market participants will be watching closely for the final imaging outputs and subsequent drilling decisions, which could materially impact the company’s production profile and exploration upside.
Bottom Line?
With seismic imaging breakthroughs driving clearer resource insights, Finder Energy is poised for a pivotal phase in exploration and funding.
Questions in the middle?
- How will the final seismic data influence the timing and scale of development drilling at Kuda Tasi and Jahal?
- What are the updated resource estimates for the Krill and Squilla fields based on the new imaging?
- Which potential funding partners are showing interest as a result of the de-risked exploration targets?
