Finder Energy Raises A$25m to Acquire Petrojarl I FPSO for US$15m

Strategic Acquisition to Accelerate KTJ Project

Finder Energy Holdings Limited has taken a decisive step to advance its KTJ Project by agreeing to acquire the Floating Production Storage and Offloading vessel (FPSO) Petrojarl I (PJI) from Amplus Energy for US$15 million. The deal, structured as a combination of cash and shares, is designed to fast-track the project’s development timeline, targeting a final investment decision (FID) by mid-2026 and first oil production by the end of 2027.

Securing ownership of the PJI is a strategic move that significantly de-risks the KTJ Project by removing reliance on leasing arrangements and enabling integrated planning and execution. The vessel’s adaptability and proven track record make it a cost-effective and operationally efficient solution for the offshore processing, storage, and export of crude oil from the Kuda Tasi and Jahal oil fields.

Proven Performance and Operational Benefits

The Petrojarl I has a distinguished operational history, having been deployed across 11 different projects worldwide, including challenging environments such as Norway, the UK, and Brazil’s deepwater Atlanta Field. Notably, during its last deployment offshore Brazil, the FPSO achieved a 98% production uptime, handling heavier crude oil under demanding conditions. This performance underpins confidence in its suitability for the KTJ Project’s requirements.

Ownership of the PJI is expected to deliver substantial operational expenditure (opex) savings compared to a leasing model, with illustrative lease costs for similar vessels exceeding US$150 million over seven years. Additionally, the acquisition is anticipated to extend the field life by 2-3 million barrels of oil, enhance production economics, and provide flexibility to tie back future discoveries such as Krill and Squilla.

Capital Raising and Strategic Partnerships

To fund the acquisition and accelerate project development, Finder is undertaking a two-tranche placement to raise A$25 million. The first tranche, comprising approximately 53.5 million shares, has already secured binding commitments, while the second tranche of about 14.1 million shares awaits shareholder approval at an Extraordinary General Meeting scheduled for January 2026.

Finder’s largest shareholder, Longreach Capital Investment, has committed A$5 million to the placement, signaling strong institutional support. The placement proceeds will cover the PJI acquisition costs, holding and maintenance expenses, front-end engineering and design (FEED) acceleration, and general corporate purposes.

In a move to strengthen operational expertise, Amplus Energy’s Managing Director, Steve Gardyne, will join Finder’s board as a non-executive director following completion of the acquisition. Gardyne brings three decades of experience in offshore facility management, enhancing Finder’s capability to manage the FPSO and related operations effectively.

Due Diligence and Project Outlook

Finder undertook a rigorous due diligence process, including technical audits and site visits to the PJI while it was stationed offshore Brazil and later at a shipyard in the Canary Islands. The vessel was found to be in excellent condition, benefiting from regular maintenance and shipyard campaigns, and fully compliant with safety and environmental standards.

This acquisition complements a series of 2025 milestones for Finder, including strategic partnerships with Schlumberger and Amplus, updated resource estimates, and securing funding pathways. Together, these developments have materially de-risked the KTJ Project and positioned Finder to deliver on its accelerated timeline.