Finder Exploration Pty Ltd is a 20% equity interest holder in the WA-435-P exploration permit. Fugro, through an alliance with Finder, has an indirect interest in the discovery announced by Apache via a 50% profit sharing agreement with Finder.
As part of this alliance Fugro provide Perth based Finder with support for selected Finder exploration activities as part of building up Fugro’s Australian multi-client library activities. In return, Fugro receives a profit share in the projects in which it participates with Finder.
Evaluation of the Phoenix South-1 discovery will require further drilling and therefore take some time. As more information comes to light, Fugro will assess its position. It should be noted that Fugro, through its profit sharing agreement with Finder, has exposure to the same exploration area as announced by Apache (refer to www.apachecorp.com).