- 01EIS approved by Timor-Leste ANP for KTJ.
- 02FDP+EIS clear regulatory path to FID; target early 2028.
- 03Reserves: 22.2 MMstb 2P; up to 24.4 MMstb 2P+2C.
Finder Energy Holdings (ASX: FDR) has received approval from the Timor-Leste government for an environmental impact statement (EIS) relating to the Kuda Tasi and Jahal (KTJ) oil development.
The approval by Autoridade Nacional do Petróleo (ANP) represents a major milestone for the Timor Sea offshore project.
Together with the field development plan approved in July, it establishes the key regulatory foundations for development as the company advances towards final investment decision (FID).
Prior to release of the EIS, specialist environmental consultant MCC Sustainable Futures and Timor-Leste local advisory group Halona Serena prepared a comprehensive environmental assessment in consultation with ANP, relevant government and regulatory stakeholders, local communities, and the broader public.
Finder (49%) and joint venture partner National Oil Company of Timor-Leste (TIMOR GAP) are developing the KTJ project, which holds an estimated 22 million barrels of contingent resources.
Maiden Reserves Classification
The partners recently confirmed a maiden reserves classification of 22.2 million stock tank barrels (MMstb) for the initial three-well development, comprising two production wells at Kuda Tasi and one at Jahal.
A potential fourth Kuda Tasi infill well would add gross best-estimate contingent resources (2C) of 2.2MMstb, taking total gross 2P plus 2C resources to 24.4MMstb.
Finder’s net entitlement would be 14.4MMstb of 2P reserves and 15.8MMstb on a 2P plus 2C basis.
Independent consultant RISC Advisory has supported Finder’s plan for subsea production wells tied back to a floating production storage and offtake vessel (FPSO).
RISC considered the Petrojarl I suitable for the project subject to planned life extension work and topsides modifications before redeployment.
Placement and SPP
Earlier this year, Finder raised $30 million to fast-track the KTJ project towards FID, comprising a $27m institutional placement and a share purchase plan (SPP) targeting up to $3m, with new shares being offered at $0.50 each.
Finder is maintaining a fast-track to first oil by early-2028 including reserving manufacturing and delivery capacity for critical long-lead items with support from TIMOR GAP.
“With both the FDP and EIS now approved, the key regulatory foundations for development are in place,” chief executive officer Damon Neaves said.
“We continue to work with our joint venture partner and other stakeholders to complete the remaining commercial and financial activities to achieve FID.”
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