Expedited Review of Finder Energy's Field Development Plan

Timor-Leste's upstream regulatory body, ANP, has confirmed the submission of the field development plan (FDP) for Finder Energy's Kuda Tasi and Jahal (KTJ) offshore fields. The KTJ fields hold a gross best estimate contingent resource of 25 million barrels of oil, a significant volume for Timor-Leste, which currently has no producing oil and gas fields following the cessation of production at its Bayu-Undan field last year.

Development Concept and Approval Process

Finder's FDP outlines the selected development concept, which includes three production wells connected via an electrical submersible pump manifold to the Petrojarl 1 floating production, storage, and offloading (FPSO) vessel by flexible flowlines. An ANP spokesperson stated that the regulatory body is finalizing its review of the FDP, noting that the final investment decision (FID) can only occur after the plan is approved. ANP has initiated an "expedited review to ensure legal and regulatory compliance" and intends to grant approval in accordance with good oil field practice.

Timeline and Tender Activities

Upstream understands that FDP approvals are targeted for the upcoming weeks, with Finder Energy previously disclosing its aim to reach FID for the KTJ project by mid-2026. Finder recently launched a tender for the Petrojarl 1 FPSO workscope, with several Chinese yards previously contacted regarding the work.

Ownership and Joint Operations

Finder holds a 66% operating interest in Block 19-11 production sharing contract (PSC) offshore Timor-Leste, which hosts the KTJ fields, with national oil company Timor GAP holding the remaining 34%. A joint rig contracting process is underway with compatriot Sunda Energy, which is keen to drill its long-awaited Chuditch-2 appraisal well on the TL-SO-19-16 PSC. The Chuditch-2 drilling was previously delayed in 2025 due to difficulties in securing a rig. Sunda's latest full-year results indicated that completion of its recent Matahio NZ acquisition and discussions with Timor GAP to farm out an additional material working interest in the Timor-Leste PSC will place it in a good cashflow position for the planned drilling.