Finder to finally join ASX

THE ASX Energy sector is to welcome another new entrant in Finder Energy which will list next month via a $15 million initial public offering and a well to spud in May. 
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Finder to join ASX in April

Helen Clark


The Joint Lead Managers to the IPO were Euroz Hartleys and JP Equity Partners. 
The company is not new to the Australian oil and gas sector, having held offshore acreage for over 15 years in addition to North Sea acreage. 
It will spud wildcat Kanga-1 in the North West Shelf and says it holds multiple prospects on trend with the 2018 Dorado oil find, made by Quadrant Energy and Carnarvon Energy. Santos bought the former later that year. 
It has a geological chance of success estimated at 36% by ERC Equipoise last year. The Diamond Offshore Ocean Apex rig is contracted. 
"A discovery at Kanga has the potential to be a company maker with estimated best case prospective resources of 25.5 million barrels net to Finder," the company said today. 
The former Quadrant sub-surface lead Fred Wehr joins the board. Damon Neaves heads the company. 
"With the high impact Kanga-1 well about to spud and an extensive pipeline of farmout opportunities over the next few years, Finder is in a strong position to realise the value of the work we have put in to develop a world-class portfolio spanning two of the world's premier hydrocarbon regions" Neaves said today. 
It took the North West Shelf permit WA-547-P in the Lambert Sub-basin, at the beginning of 2021. 
Neaves joined Finder in late 2017 after leaving frontier explorer Pura Vida Energy, which later changed its name to Ansila Energy and its focus from offshore West Africa to onshore Poland. 
Finder split its onshore and offshore acreage into two companies around the same time.It also holds the Eagle prospect in shallow state waters which covers EP 483 and TP/25. 
This is the third oil and gas IPO in a year after Black Mountain Energy, a subsidiary of Black Mountain Resources, joined at the very end of 2021 and Tamboran listed in July. 
Black Mountain holds the unconventional Valhalla gas project in the Canning Basin and Tamboran the Tanumbirini project in the Beetaloo Sub-basin with Santos and its own Maverick project nearby. The latter was the largest energy sector IPO in over a decade, worth some $60 million but lost 10% of value on same day trading. 
Timor Resources, which is drilling Timor Leste's first onshore oil campaign, also noted in its latest exploration update that it is mulling an IPO of its own, but did not say where.
 The single asset company is a subsidiary of the private engineering firm Nepean Resources, which has been bankrolling the company's cost blowout. 
Speaking to Energy News last year managing director Suellen Osborne said she had cancelled plans for an IPO as there was no appetite for oil stocks any longer.