Finder Energy Holdings Ltd. has secured field development approval from Timor-Leste’s regulator for its Kuda Tasi and Jahal (KTJ) oil project.
The sign-off from the Autoridade Nacional do Petróleo (ANP) de-risks the offshore asset, clearing a direct path for Finder and its joint venture partner, TIMOR GAP, to reach a final investment decision (FID) in the current September quarter.
The KTJ development is set to become the very first offshore oil field developed under Timor-Leste’s sovereign petroleum regime.
The approved FDP outlines a phased development centred on the redevelopment of the Petrojarl I FPSO.
Phase 1 of the accelerated project targets production from the Kuda Tasi and Jahal fields via three subsea production wells tied back to a redeployed floating production storage and offloading vessel, the Petrojarl I. First oil is currently slated for late 2027 to early 2028.
Finder Energy CEO Damon Neaves said: “This approval substantially de-risks the project, providing a clear pathway to complete project financing and progress toward final investment decision.
“Beyond the initial development, the approved infrastructure establishes a long-term offshore production hub capable of supporting future discoveries across PSC 19-11, with the potential to become a cornerstone of Timor-Leste’s next generation of offshore petroleum production.”
The subsea infrastructure and production facilities have been intentionally designed with built-in expansion capacity. This will allow the joint venture to tie in future discoveries across the broader PSC 19-11 permit area during subsequent phases, significantly extending the project’s operational lifespan.
With the principal regulatory hurdle cleared, Finder is entering a highly active period.
Ahead of the upcoming FID, near-term catalysts for the September quarter include finalising debt financing, securing a drilling rig contract, and awarding the integrated engineering, procurement, construction, and installation (EPCI) contract.
