Finder Energy is targeting a final investment decision for its Kuda Tasi-Jahal oil project by 30 November, with approvals and engineering largely complete. The decisive hurdles now sit in financing and contract awards, including the rig, shipyard and EPCI packages.
- 30 November 2026 FID target for the KTJ project
- 22.2 million barrels of gross 2P reserves plus 2.2 million barrels of 2C resources
- Rig, shipyard and EPCI contracts remain under negotiation
- Debt financing process is advancing towards final stages
- Finder owns the Petrojarl I FPSO for planned redeployment
KTJ moves from approvals to execution
Finder Energy Ltd (ASX:FDR) has put a date on the next major test for its Timor-Leste oil strategy: a final investment decision on the Kuda Tasi-Jahal project by 30 November 2026. The company’s October corporate presentation describes the development as substantially engineered and approved, but not yet fully contracted or financed.
The milestone comes after Finder’s The project is backed by 22.2 million barrels of gross 2P reserves and a further 2.2 million barrels of 2C contingent resources. Finder owns 66% of the relevant production-sharing contract, giving it a stated net entitlement of 14.4 million barrels of 2P reserves and 1.4 million barrels of 2C resources. Those figures reflect the initial three-well development of the Kuda Tasi and Jahal fields. RISC independently assessed the reserves as “Reserves - Justified for Development”, a classification that reflects the technical and commercial maturity of the initial plan rather than a guarantee that construction, financing or production will proceed on schedule. Finder’s Finder says engineering and front-end engineering design are complete for the subsea production system and development wells. Timor-Leste authorities have granted the development area for up to 25 years, approved the Field Development Plan and approved the Environmental Impact Statement. Funding is less settled. The company has appointed Barrenjoey to run a debt financing process and says it is advancing towards the final stages, with expressions of interest from banks, credit funds and offtakers. A farmout with TIMOR GAP provides a promote on development capital expenditure, but the presentation does not disclose completed debt commitments or final project financing terms. Finder’s ownership of the Petrojarl I FPSO is a central part of the proposed development model. The vessel is described as double-hulled, equipped with an internal turret and topside processing, with about 30,000 barrels per day of processing capacity and a targeted 96% uptime. Finder says the vessel’s redeployment works are intended to provide a 10-year design life. The company also presents the FPSO as a potential platform for future tie-backs within the PSC 19-11 area. That upside includes the Krill and Squilla discoveries, which together carry 23 million barrels of gross 2C contingent resources, while four Timor-Leste prospects carry an aggregate gross mean prospective resource estimate of 115.6 million barrels. Those latter volumes are undiscovered and unrisked, and require further appraisal and evaluation. Finder’s presentation puts the KTJ project closer to a construction decision, but the remaining steps are material rather than administrative. A firm rig arrangement, signed shipyard and EPCI contracts, major project agreements and committed debt funding will determine whether the 30 November target becomes an actual investment decision or another date to be revised. The next value-defining evidence will be signed contracts and binding debt terms, not another progress milestone. Until those arrive, KTJ remains an advanced project with execution risk still concentrated in its financing and delivery plan.Reserves support the initial three-well development
Financing and contracts remain the critical path
Petrojarl I gives Finder control of the floating production system
November decision will test the project’s bankability
Bottom Line?
Questions in the middle?
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