Australia-based oil and gas exploration firm Finder Energy has been granted a 100% interest in the exploration permit WA-547-P, which is located within the North West Shelf oil and gas province off Western Australia.

Located in the Northern Carnarvon Basin, WA-547-P is on trend with the Dorado oil discovery.

Currently, Finder holds a royalty interest over the Dorado Field and surrounding acreage.

The firm has identified three material oil prospects in WA-547-P within the Lower Triassic.

Each of these oil prospects hold a P50 resource potential in the order of 100,000 barrels of oil, in addition to several other leads within the permit.

Finder CEO Damon Neaves said: “Finder is excited about the potential of WA-547-P which was the most competitively bid block in the recent License Round and lies in an area which is attracting significant interest from the industry and will be the most actively explored area in Australia this year.

“The acquisition is also complementary with our royalty interest over Dorado and other discoveries in the surrounding acreage.”

Set up in 2004, the firm is a large exploration acreage holder on the North West Shelf of Australia, having interests in eight permits.

In June, it was reported that SapuraOMV along with its joint venture partner Finder had submitted plans to National Offshore Petroleum Safety and Environmental Management Authority to carry out geotechnical and geophysical survey across permit WA-412-P in the Kanga prospect offshore Western Australia.

The West Australian firm had reported in April that the two firms intended to conduct a seismic survey of the Gem oil prospect in the Browse Basin that could lead to a well in 2021.