Finder Resources awaits a final investment decision on KTJ as a rig-sharing plan for a near-200-day drilling campaign stays non-binding

Finder Resources (ASX:FDR) is working toward a final investment decision (FID) on its KTJ oil project offshore Timor-Leste, followed by a drilling campaign of almost 200 days and a targeted first oil in late 2027 or early 2028.

The drilling plan. In April, Finder signed a non-binding letter of intent with SundaGas, a subsidiary of AIM-quoted Sunda Energy, to work together on securing a rig. SundaGas plans an appraisal well at the Chuditch gas field. Together with Finder's three planned KTJ development wells, that would make a combined campaign of almost 200 days. The companies expect shared logistics and better rig use to cut costs. Because the letter is non-binding, a rig is not yet secured, and Finder has not stated a firm start date.

What has slipped. FID was first targeted for mid-2026. After Timor-Leste's regulator, ANP, approved the field development plan on 9 July, the target moved to the September quarter. That quarter has now ended, and the company's latest statements do not report a decision. Debt financing was described as progressing, with first oil still targeted for late 2027 to early 2028.

Why it matters. In August, independent assessor RISC booked maiden gross 2P reserves of 22.2 million barrels for the initial three-well development. Finder's net share is 14.4 million barrels. A possible fourth well would add 2.2 million barrels of contingent resources. Finder has said the first two years could produce 14-15 million barrels. The oil would be produced through subsea wells tied back to the Petrojarl I floating production vessel.

The rest of the portfolio is earlier-stage. Finder's listed prospective resources include:

• Brees: 235 million barrels of oil (P50), 100% interest
• Brady: 100 million barrels of oil (P50), 100% interest
• Boaz: 748 billion cubic feet of gas and 81 million barrels of condensate (P50), 50% interest

Prospective resources are undiscovered estimates and carry risks of both discovery and development.

Funding. A $27 million placement completed in June. A planned share purchase plan of up to $3 million raised nothing, though Finder says its work program and KTJ milestones are not materially affected. Cash was $32.4 million at 30 June. If FID is taken, the debt package and the rig terms are the details to watch.

Finder's annual general meeting is on 12 November 2026.