Finder Energy has received approval from Timor-Leste's National Petroleum Authority (ANP) for the Kuda Tasi and Jahal (KTJ) oilfields development area within production sharing contract (PSC) 19-11. This approval, covering about 88 square kilometers, provides long-term regulatory certainty and is a key step preceding the submission of the Field Development Plan (FDP) by the end of June. Upon FDP approval, the development area will have a tenure of up to 25 years.

Project Development and Timeline

The final investment decision (FID) for the KTJ development is targeted for mid-2026, with first oil expected in late 2027. The project is planned as a scalable production hub centered on the Petrojarl 1 floating production, storage and offloading (FPSO) vessel, which Finder purchased in late 2025. This hub is intended to process oil from the KTJ fields and facilitate future tie-backs of nearby discoveries like Krill and Squilla. For more distant prospects, such as the Kurisi prospect located over 30 kilometers away, a second standalone development in the southern part of the PSC is being considered.

Resources and Operations

The KTJ project holds best-estimate contingent resources of 25 million barrels of oil. Additional identified resources within PSC 19-11 include:

• 23 million barrels of best-estimate contingent reserves in the Krill and Squilla fields.
• 116 million barrels of combined gross best-estimate prospective resources from the Karungu, Kurisi, Lanjara, and Lanjara SW prospects.

Phase 1 engineering studies for the KTJ project have been completed, confirming the suitability of the FPSO. The project is expected to initiate the first offshore drilling campaign in Timor-Leste in recent years, with a planned three-well assignment using a semi-submersible or drillship before the second half of 2027. Finder is currently conducting a technical evaluation to rank drilling targets for its forward strategy.

Ownership

Finder Energy operates PSC 19-11 with a 66% interest, while Timor-Leste's national oil company, Timor GAP, holds the remaining 34%.