Finder Energy Holdings Limited announced the prospective resources on the Company's P2524 Seaward Production (Innovate) Licence in the UK North Sea (Licence). Finder holds a 40% interest in P2524 and is the Licence Administrator. The remaining 60% is held by Harbour Energy.

Harbour produces over 200,000 boepd and operates the nearby Britannia infrastructure complex. The Licence was awarded on 1 December 2020 in the 32nd Offshore Licensing Round with an initial term of 5 years, and a drill-or-drop decision at the end of the third year (30 November 2023). The Licence is located on the western margin of the UK-Norway international median line within the petroleum rich South Viking Graben.

The Licence is surrounded by oil, gas and condensate fields. Within the Licence, three sub-commercial discoveries (Wrasse, Kidd & 16/18-2) have also been drilled in the 1970's and 80's. The area is infrastructure-rich with multiple host facility options for oil, gas and condensate field tie backs. Finder has carried out detailed technical studies on the Licence and high-graded three prospects; Barracuda, Amberjack and Trevally.

The Bass Lead also provides upside potential with any exploration success within the Licence. Geophysical mapping was carried out using the latest 3D geostreamer seismic data. Highlights: Finder has a 40% interest in P2524 in the prolific South Viking Graben; Leading Barracuda oil prospect with 67 MMboe gross mean prospective resource and 31% geological chance of success (COS); Low-risk Amberjack (72% COS) and Trevally (57% COS) prospects are ideally positioned to tie back to nearby infrastructure; P2524 presents multiple value creation pathways and Finder is progressing with joint venture discussions, undertaking a farmout process as well as commercial evaluation of tie back opportunities.