Finder Energy (ASX: FDR) is progressing various workstreams as it heads towards final investment decision (FID) for the development of the Kuda Tasi and Jahal offshore oil fields in the Timor Sea.
Two cornerstone documents — the environmental impact statement (EIS) and field development plan (FDP) — have been lodged and are awaiting the approval process.
Prepared by environmental consultancy group MCC Sustainable Futures in partnership with Timor-Leste local advisory group Halona Serena, the EIS addresses the identification, assessment, and management of environmental and social risks associated with the development.
The FDP demonstrates the technical, operational, and economic feasibility of developing the petroleum field and provides the basis for regulatory approval of the project.
Finder is also in consultations with Timor-Leste government agency Autoridade Nacional do Petróleo, representing another key step towards FID.
Debt-Financing Process
Finder has engaged Australian investment bank Barrenjoey to run a debt process to finance the development’s capital expenditure, with strong expressions of interest received from lenders including banks, credit funds, and offtakers.
The process has benefited from a materially stronger outlook for dated Brent crude oil spot prices, improving project economics and increasing financing capacity.
Brent forward prices have strengthened amid ongoing geopolitical developments in the Middle East, with 2028 and 2029 forecasts sitting at US$15 per barrel above pre-conflict levels.
Amplus Energy has issued qualifying shipyards with an invitation to tender for a scope of work relating to the redeployment of the Petrojarl I floating production, storage, and offlaoding facility (FPSO).
The contract covers all works required for the redeployment of the FPSO to the Kuda Tasi and Jahal project, including modification and life extension works in accordance with relevant industry standards and health, safety, environment, and quality regulations.
Detailed engineering studies are being completed in preparation for the redeployment.
Securing Long-Lead Items
Finder is taking steps to maintain a fast-track to first oil by early-2028, including reserving manufacturing and delivery capacity for critical long-lead items with support from joint venture partner National Oil Company of Timor-Leste (TIMOR GAP).
Several items have already been secured or reserved in line with the company’s acceleration strategy, de-risking the supply chain and project schedule.
Bridging to the engineering, procurement, construction and installation phase of the project is being progressed by an integrated team from Finder and global energy technology company SLB (formerly Schlumberger).
It aims to deliver firm pricing for certain long-lead items, minimise development CapEx, and optimise joint venture schedules and upfront expenditures.
Multiple workstreams including commercial arrangements for the drilling rig, securing of long-lead items such as casings and completion equipment, and evaluation of drill management service options are also being finalised in relation to a planned 2027 development well campaign.
Tieback Opportunities
Beyond the initial wellfield development at Kuda Tasi and Jahal, Finder aims to establish a strategic production hub that provides a platform for future tieback opportunities and broader long-term value creation within production sharing contract (PSC) 19-11 and Timor-Leste.
The offshore block is believed to contain significant follow-on potential, such as the Krill and Squilla oil discoveries (with a combined gross 23 million barrels contingent resource) and multiple low-risk, near-field exploration prospects (combined gross 116MMbbl prospective).
Incremental tiebacks should benefit from lower unit development costs, shorter cycle times from discovery to first oil, and improved capital efficiency.
This will in turn enable the commercialisation of additional discovered and prospective resources within the block.
Finder’s hub strategy has potential to extend field life, increase infrastructure utilisation, and support broader long-term economic value generation for Timor-Leste.
