Oil and gas company SapuraOMV has recently completed drilling operations at the Kanga-1 well offshore Western Australia without encountering commercial hydrocarbon volumes.
SapuraOMV used the Diamond Offshore Ocean Apex semi-submersible drilling rig. The Kanga-1 well, to be plugged and abandoned, fulfills the WA-412-P exploration permit work program obligations.
The well is located in the Dampier Sub-basin, around 20 km east of the Mutineer/Exeter and Fletcher/Finucane oil fields.
Damon Neaves, CEO of Finder Energy, SapuraOMV's partner in the project, said: “Whilst this is a disappointing result, Finder has a high quality and valuable portfolio of drill-ready prospects in both the North West Shelf and North Sea, and we remain confident that our portfolio will deliver a material discovery. Our famous strategy ensured that Finder had minimal financial exposure in Kanga-1."
Finder holds a 15% interest in Kanga-1 and WA-412-P and had a capped well contribution of US$0.94 million.
“Finder remains in a strong financial position and is fully funded to execute our work programs and deliver on our strategy over the next few years. Our focus now turns to farm-outs across our broad portfolio to fund future wells with industry partners, ensuring our existing shareholders are highly leveraged to drilling success," Neaves said.