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Mustang start September?
Spill plan app hints at AIDEA sale of Southern Miluveach assets to Finnex
Kay Cashman Petroleum News
It appears the deal between Finnex Operating LLC, or FOLLC, and the Alaska Industrial Development and Export Authority, or AIDEA, may soon close, with operations on the Mustang Pad in the Southern Miluveach unit scheduled to begin in September 2023.
The start date comes from FOLLC’s recent application for a new Southern Miluveach Oil Discharge Prevention and Contingency Plan, which it filed with the Alaska Department of Environmental Conservation, or DEC.
The FOLLC deal with AIDEA, which seemingly fell apart once, was to purchase the assets of the five-lease Southern Miluveach unit, including its Mustang drilling and production pad, the Mustang Road and the 1,050-foot Mustang Pipeline which ties into the Alpine Pipeline just southeast of the Mustang Pad.
The unit lies between the Kuparuk River and Colville River units on the North Slope and is adjacent to Oil Search (Alaska)’s Quokka unit. The Mustang Pad’s location was listed in the application as: Latitude/Longitude: 70 2486 / 150 2806.
The application for a new spill plan for the Southern Miluveach unit said FOLLC plans to conduct a multiyear onshore oil and gas development project year-round in the 8,960-acre Southern Miluveach unit.
Who’s who On that application Gordon Pospisil was listed as president and CEO. It was signed Jan. 16 by Harry Bockmeulen, COO, and posted Feb. 9 on DEC’s website.
Alaska’s Division of Corporations, Business and Professional Licensing shows that Anchorage-based Finnex Operating LLC was formed on May 17, 2022.
Thyssen Petroleum USA is listed as a member and 100% owner.
Lease competition In the November 2022 North Slope Areawide lease sale Santos-owned Oil Search (Alaska), or OSA, took three tracts, outbidding Finnex on one of the tracts with a bid of $103.79 per acre. That tract was adjacent to Finnex and OSA acreage immediately west of the Quokka unit.
OSA bid $103.79 per acre on all three tracts it took - the other two are also west of Quokka, one immediately west, farther south, and the other adjacent to that lease.
Finnex took a single tract, 1,920 acres, for $117,600, adjacent to OSA acreage and Mustang. OSA also bid on the tract.
OSA’s proposed Pikka Sales Oil Pipeline will cross un-unitized state lands, the newly formed Quokka unit, the Southern Miluveach and Kuparuk River units.
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