KTJ Project Set for 25,000-40,000 bopd as Finder Completes 95% of Seismic Reprocessing
Finder Energy reports 95% completion of its Ikan 3D seismic reprocessing project, underpinning strong production forecasts and active funding efforts for the Kuda Tasi and Jahal oil fields in Timor-Leste.
- Ikan 3D seismic reprocessing 95% complete, delivering superior imaging
- Kuda Tasi and Jahal fields forecast initial production of 25,000-40,000 bopd
- Active partial divestment and funding partner search underway
- Technical studies advancing on reservoir modelling and artificial lift options
- Cash position steady at $6 million with cost management ongoing
Seismic Reprocessing Nears Completion
Finder Energy Holdings Limited (ASX: FDR) has reached a significant milestone with its Ikan 3D seismic data reprocessing project now 95% complete. The project, employing advanced PSDM reprocessing techniques including broadband de-ghosting and full waveform inversion, is on schedule and within budget. This enhanced seismic imaging is expected to optimize well placement and resource evaluation across the Kuda Tasi and Jahal oil fields, as well as the Krill and Squilla discoveries within PSC 19-11 in Timor-Leste.
The accelerated eight-month timeline for this high-end reprocessing effort is notable, given that similar projects typically require a full year. Finder’s collaboration with EIF Geosolutions has yielded imaging results that exceed expectations, setting a strong foundation for upcoming detailed interpretation and resource certification slated for Q2 and Q3 2025.
Advancing Development and Production Forecasts
Technical studies continue to progress, with petrophysical analysis, pressure data review, and oil-water contact assessments underway for the Kuda Tasi and Jahal reservoirs. Dynamic reservoir modelling forecasts initial production rates between 25,000 and 40,000 barrels of oil per day (bopd) from the planned three development wells. These rates are supported by strong reservoir quality and historical flow tests, including Kuda Tasi-2's demonstrated capacity exceeding 20,000 bopd per well.
The high initial flow rates, however, are expected to be capped by the oil handling capacity of the Floating Production Storage and Offloading (FPSO) vessels under consideration. Finder is actively evaluating suitable FPSOs, rigs, and other infrastructure, with a focus on balancing production potential and operational constraints.
Funding and Partnership Efforts Intensify
Finder is concurrently advancing the partial divestment process for PSC 19-11 and seeking development partners to secure capital expenditure funding. The company has engaged extensively with industry stakeholders, attending the BEOS Conference in London and scout meetings in Singapore and London to market the KTJ Project. These efforts target rig owners, FPSO operators, contractors, and financiers to build a consortium capable of supporting the project through FEED and towards a Final Investment Decision (FID).
While the company expresses confidence in concluding these processes within 2025, the outcome remains contingent on market conditions and partner negotiations. Finder’s cash position stood at $6 million at quarter-end, with ongoing cost management to sustain operations through this critical phase.
Broader Portfolio and Strategic Moves
Beyond Timor-Leste, Finder continues to pursue exploration and appraisal opportunities in the UK North Sea and Australia’s North West Shelf. The UK portfolio is focused on Infrastructure-Led Exploration (ILX) strategies, leveraging proximity to existing production infrastructure to de-risk prospects. However, challenging political and investment climates in the UK have tempered farmout activity, prompting Finder to maintain a cautious, cost-sharing approach.
In Australia, Finder holds 100% interests in two permits with significant prospective resources but faces a subdued investment environment. The company is advancing technical de-risking studies and positioning itself for a potential resurgence in exploration activity.
Local Engagement and Leadership
In a notable corporate development, Finder appointed Luis Pereira as its Country Representative for Timor-Leste. Pereira, a drilling engineer with extensive regional experience, is the company’s first Timorese national hire, marking an important milestone in local engagement and operational management.
Bottom Line?
As seismic insights sharpen and funding talks intensify, Finder Energy stands at a pivotal juncture poised to unlock substantial value from its Timor-Leste assets.
Questions in the middle?
- Which development partners will Finder secure to advance the KTJ Project to FID?
- How will evolving geopolitical and investment climates in the UK and Australia impact Finder’s exploration plans?
- What are the technical and commercial implications of the artificial lift options under evaluation for field production?