Finder Energy has acquired two ‘highly prospective’ licences in the UK North Sea from Azinor Catalyst for an undisclosed sum.

The two acquired licences, P2502 and P2524, are located on the western edge of the East Shetland Basin and on the southern flank of the South Viking Graben, respectively.

Covering an area of 424km², the P2502 licence holds significant potential in the Upper Jurassic turbidite play.

Finder said that more than 1.2 billion barrel oil equivalent (Bboe) was identified across the 11 mapped leads at the licence.

With the acquisition, the Western Australian oil and exploration company has a 100% operatorship stake in the licence.

The P2524 license, which covers an area of 171km², comprises the Barracuda prospect.

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By GlobalData

The firm said that the prospect targets the same Upper Jurassic reservoir, which hosts the nearby T-Block and Brae oil fields.

Additionally, the P2524 licence contains three prospects and leads, as well as two small oil and condensate discoveries.

Finder owns a 40% stake in the licence while Harbour Energy owns the remaining 60% interest.

Finder CEO Damon Neaves said: “These two acquisitions build on Finder’s recently announced entry into the North Sea through the 32nd UK Offshore Licensing Round and are in line with our strategy to secure high-quality exploration acreage close to discoveries and infrastructure.

“We are also pleased to announce that Nick Terrell and Henry Morris, former Azinor co-founders and directors, will be joining the Finder team to drive our UK North Sea growth strategy.”

Earlier this year, Finder Energy secured a 100% stake in P2530 under the 32nd UK offshore licensing round.

The P2530 is surrounded by oil fields that include the Greater Kittiwake Area and the prolific Forties Oil Field.