2-month FID extension gives Finder until 30 November

Finder Energy Holdings Limited (ASX:FDR) has bought itself two more months to reach a Final Investment Decision on the Kuda Tasi and Jahal oil development, extending the deadline under its Farmin Agreement with TIMOR GAP to 30 November 2026. The move keeps the project moving, but also confirms that the development has not yet cleared its contracting and financing gates.

FID deadline extended as project terms are finalised

The original condition required FID by 30 September. Finder and TIMOR GAP have agreed to the extension while they continue work on major contracts, financing and critical-path procurement. The other terms of the agreement remain unchanged, including TIMOR GAP’s obligation to fund 50% of development expenditure, subject to the agreement’s terms and cap.

Finder said its wider international EPCI tender process has now finished after a supplier roadshow and assessment of prospective contractors’ facilities and capabilities. Proposals are being taken into contract negotiations with leading suppliers, with the company focused on securing an executable approach to project cost and schedule. The broader tender has taken additional time and will push FID later than previously anticipated.

Contracting process reaches its most consequential stage

The EPCI package is likely to be a central determinant of the project’s final execution plan, although Finder has not disclosed a contract award, final project cost or financing amount. Other workstreams are advancing in parallel, including the drilling rig, environmental and site surveys, FPSO shipyard works, tow and moorings. The rig contract is progressing through final approvals, with execution targeted for October 2026.

Finder said the completed tender has given it a firmer basis for assessing project costs and execution as it works with Barrenjoey to advance debt financing towards its final stages. Prospective financiers include potential offtakers and parties identified through the wider contracting process. Financing remains subject to final terms and required approvals, so the phrase “final stages” is progress rather than completion.

Late-2027 drilling target remains conditional

The company continues to target drilling in late 2027 while prioritising critical-path contracts, procurement and long-lead items. Finder plans to provide a broader development schedule once major contracts and an integrated execution plan are finalised. Until then, the drilling target remains exposed to the timing of contract negotiations, financing approvals, joint venture reviews and regulatory processes.