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Finder Energy Reports Improved Rock Volumes after Reinterpretation of Krill and Squilla Discoveries

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By Imelda Cotton - 
Finder Energy ASX FDR Improved Rock Volumes Reinterpretation Krill Squilla Discoveries
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Finder Energy (ASX: FDR) has reported material gross rock volume (GRV) increases at the Krill and Squilla oil discoveries within the PSC 19-11 joint venture in the Timor Sea after interpretation on Ikan 3D reprocessed seismic data.

The new data showed a step-change in image quality, resolving previous shallow fault complexities and enhancing definition of the Laminaria reservoir.

Finder has integrated the oil-water contacts it derived from historical well completion reports and petrophysical interpretations with the new data, to enable the GRV increase and ensuing petroleum resource.

Exploration Well Data

Latest interpretations on Ikan 3D shows the original Krill-1 exploration well — which BHP Group (ASX: BHP)located and drilled in 1994 using vintage 2D seismic data — has an updip appraisal potential approximately 90 metres within the Krill structure.

The Squilla exploration well — operated by BHP in 1991 — was drilled in a down-dip structural position and into the fault that was interpreted from image log analysis.

Like Krill, the initial well positioning came via vintage 2D seismic data that failed to image these details, whereas the new data shows considerable updip appraisal potential.

While the Squilla discovery well intersected a fault that impacted the reservoir quality, the new map shows locations away from these faults Finder could consider for an appraisal well location.

Contingent Resource Estimates

Seismic reprocessing has resulted in an GRV increase of more than 60% at Krill and more than 243% at Squilla, providing the foundation for Finder to revise contingent resource estimates and, as mentioned, reconsider appraisal well locations.

Each field requires an appraisal well to confirm the commerciality of resources for a tie-back to the Kuda Tasi and Jahal development, or alternatively for Finder to develop a second production hub in the south section of PSC 19-11.

Finder will now proceed to integrate the new interpretations with a geological analysis of well data to better understand reservoir parameters at Krill and Squilla.

The work will include detailed petrophysics and core data interpretation, oil property reviews, and wireline image log interpretations of the reservoir interval to calculate contingent resource estimate updates and determine viability.