Finder Energy Announces Maiden Reserves Classification at KTJ Project

Finder Energy (ASX: FDR) has secured an independent maiden reserves classification for the initial three-well Kuda Tasi and Jahal (KTJ) development project offshore Timor-Leste, marking a further step towards a final investment decision (FID).

Independent adviser RISC Advisory assessed gross proved plus probable (2P) reserves of 22.2 million stock tank barrels (MMstb) for the planned development, comprising two Kuda Tasi production wells and one Jahal production well.

A potential fourth Kuda Tasi infill well adds gross best-estimate contingent resources (2C) of 2.2MMstb, taking total gross 2P plus 2C resources to 24.4MMstb, while Finder’s net entitlement is 14.4MMstb of 2P reserves and 15.8MMstb on a 2P plus 2C basis.

RISC classified the three-well development as “Reserves – Justified for Development” under the Society of Petroleum Engineers Petroleum Resources Management System, with final joint venture and regulatory approvals and financing still required before project sanction.

RISC separately classified the potential fourth infill well as “Contingent Resources – Development Unclarified”, with those resources reported on an unrisked basis because the timing and sanction of the additional development remain subject to future economic, partner, and regulatory approvals.

Independent Audit Conducted

RISC’s updated assessment incorporates Finder’s detailed three-dimensional geocellular static modelling, dynamic reservoir simulations, and the development concept contained in the approved Field Development Plan (FDP), replacing the earlier 2025 classification of the resource as contingent resources with development unclarified.

The independent adviser supports Finder’s plan for subsea production wells tied back to a floating production storage and offtake vessel, and considers the Petrojarl I suitable for the KTJ project subject to planned life extension work and topsides modifications before redeployment.

“The independent assessment of 22.2 million barrels of gross 2P reserves provides a robust foundation for FID,” chief executive officer Damon Neaves said.

“With the FDP approved, Finder is focused on completing the remaining financing, partner, and regulatory processes to reach FID.”

Development Path Decision Nears

The approved development concept is based on three production wells, while Finder retains the potential fourth well as a later development option and RISC estimates the fields to be fully appraised with a high probability of development proceeding.

Finder is targeting completion of the development phase and first production by late 2027 or early 2028 after completing front-end engineering and design for the subsea production system and well construction, and securing the Petrojarl I and certain critical-path long-lead items.

Project finance remains outstanding, with Finder progressing a debt financing process to fund its share of development capital expenditure and reporting expressions of interest from banks, credit funds, and prospective offtake participants.

The FDP received regulatory approval in July 2026, while Finder continues work on remaining joint venture and regulatory approvals, project agreements and financing as the KTJ project transitions towards the engineering, procurement, construction and installation phase and FID.