Finder says they are encouraged by Goldwyer 3 section of Theia-1 well drilled close to NSE's permit.

Finder Exploration’s has finished the drilling of Theia-1 well on their EP-493 permit (which is north of NSE's STP-EPA-006 permit) and made and announcement recently (Click here to see the announcement).

They said that ""While only the very early data has been received from the well site we are encouraged and excited by the initial indications that Theia-1 appears to validate our geological model. However, this is the start of a long process to unravel the geological complexities of the immense suite of data we now have to hand."

"Theia-1 was a test of the Middle Ordovician Goldwyer III liquids rich resource play and early
assessment of the well results appear to validate the geological model and de-risk the play. Finder
interpret that it has intersected a Goldwyer III section of ~120 metres with two zones (~60 metres
in total) of:
1. high wet mud gas readings;
2. increased wireline resistivity;
3. a visible gas haze escaping from the cores at surface;
4. fluorescence with associated hydrocarbon odour;
5. positive wellsite gas desorption data;
6. indications of over-pressure; and
7. bottom hole temperatures suggest a geothermal gradient within the oil window for the
Goldwyer III shales."

I am now more confident about my old research.

This is very important for NSE because the Theia-1 well was drilled very close to NSE's STP-EPA-006 permit, maybe only 30-40kms away. Finder has done an extensive research and scientific work on Canning Basin petroleum system and identified that Goldwyer III formation has a significant potential for shale oil on their EP-493 tenement.  They have also identified a sweet spot in the oil window. NSE has a big portion of this sweet spot.

First of all, we need to know that Finder is a private company. The management guys of Finder are all geologists or geophysicists. These guys are really good on what they are doing. They drilled 3 wells to date (all ofshore), all encountered hydrocarbons. EP-493 is their only onshore permit and they have very high expectations from the Goldwyer shale. (Their office is only 350m or 5 minutes away from your new office.)


Finder has done an extensive research and scientific work on Canning Basin petroleum system and identified that Goldwyer III formation has a significant potential for shale oil on their EP-493 tenement. Thats' why they  drilled the Theia-1 well.

They have also identified a sweet spot in the oil window. Our STP-EPA-006 tenement has a portion (~70,000 acres) of this sweet spot. That tells me that only this tenement has a potential to build a great future for us. That is only the sweet spot, however we can see from the Finder’s Goldwyer depositional model that majority of our STP-EPA-006 is in the Goldwyer III Fairway. Our STP-EPA-007 is also in this fairway.

The sweet spot is orange coloured on the graphic below.



The size of the sweet spot is quit big in comparison to the sweet spot size of Eagle Ford Shale. The identified size of the sweet spots inside Finder’s EP-493 is 1,112 km3 (275,000 acres) says Finder. I made a rough calculation on the graphic and I think that we have about 70,000 acres in the sweet spot. (if you consider that the acreage price of a developed sweet spot area in the Eagle Ford shale was around $100,000, then 70,000 acres makes $7 billion of value in the future. (there is an empty area, means not open for application yet, in between EP-493 and northeast of our STP-EPA-006. We might consider to get it in the future).

It will be understood that NSE's STP-EPA permit area is quite big when compared to Eagle Ford's sweet spot area. See the graphic below.