Finder Energy has announced that no commercial hydrocarbons were discovered at the Kanga-1 well in the Dampier Sub-basin of Western Australia.
The well, located in the WA-412-P exploration permit, was drilled by the Diamond Offshore Apex semi-submersible at the direction of SapuraOMV, the operator. Finder holds a 15% interest in Kanga-1 and WA-412-P and had a capped well contribution of US$0.94 million.
The Diamond Offshore Ocean Apex semi-submersible drilling rig set the 9 5/8” casing and drilled the 8 1/2” hole to a total depth of 3,400 mRT.
The well will now be plugged and abandoned.
Finder CEO, Damon Neaves 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 farmout strategy ensured that Finder had minimal financial exposure in Kanga-1.
“We wish to extend our gratitude to SapuraOMV and the various contractors involved in Kanga-1 for their performance in delivering a safe and efficient well. We would also like to recognise the continued support of our shareholders as we look to progress various projects in Australia and the UK into our next drilling phase.”
The Kanga-1 well fulfills the WA-412-P exploration permit work program obligations.