• Major development milestone secured with the Field Development Plan (FDP) for the Kuda Tasi & Jahal fields (KTJ Project) approved by the Autoridade Nacional do Petróleo (ANP)  
• FDP approval materially de-risks the KTJ Project and clears the path to Final Investment Decision (FID) in the current quarter
• Financing, contracting and procurement activities continue in parallel to maintain the accelerated development schedule targeting First Oil in late 2027 to early 2028 KTJ is positioned to become the first offshore oil field developed under Timor-Leste's sovereign petroleum regime
• Phase 1 development targets production from the Kuda Tasi and Jahal fields through three production wells tied back to the redeployed Petrojarl I
• FPSO Infrastructure has been deliberately designed to support future tie-back developments and broader resource development across PSC 19-11

Finder Energy announces that the Autoridade Nacional do Petróleo (ANP) has approved the Field Development Plan (FDP) for the Kuda Tasi and Jahal Project (KTJ Project). 

The approval represents the primary regulatory authorisation for development and marks the completion of the technical evaluation and development planning phase. It provides the regulatory framework for development of the Kuda Tasi and Jahal oil fields and enables the Joint Venture to progress to Final Investment Decision (FID). 

The approved FDP outlines a phased development centred on the redevelopment of the Petrojarl I FPSO, three subsea production wells and associated subsea infrastructure. The facilities have been designed with expansion capacity to support future discoveries and tie-back opportunities within PSC 19-11, establishing long-term production infrastructure for Timor-Leste. The approved development concept is described in the FDP. 

Damon Neaves, CEO, said: 
"Approval of the Field Development Plan is a defining milestone for Finder and the culmination of almost two years of technical, commercial and regulatory work. 

The KTJ Project has progressed from stranded discoveries to an approved offshore development in an exceptionally short period, reflecting the strong collaboration between Finder, TIMOR GAP, ANP, our contractors and the Government of Timor-Leste. 

This approval substantially de-risks the project, providing a clear pathway to complete project financing and progress toward Final Investment Decision. It also demonstrates Timor-Leste's ability to deliver timely and commercially focused regulatory outcomes, reinforcing confidence in the country's investment framework. 

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”  

A Significant De-Risking Event 

Approval of the FDP substantially de-risks the KTJ Project by: 

• confirming regulatory acceptance of the selected development concept; • validating the subsurface, engineering and economic work completed during FEED; 
• enabling FID; 
• providing increased certainty for debt financing and commercial negotiations; and 
• supporting execution of major engineering, procurement and contracting activities. 

Since assuming operatorship in August 2024, Finder has rapidly matured the project through completion of comprehensive subsurface studies, FEED, acquisition of the Petrojarl I FPSO, Development Area approval, environmental studies and now FDP approval. 

Building Timor-Leste's Next Offshore Oil Development 

The approved development will commercialise the Kuda Tasi and Jahal discoveries.  Phase 1 comprises: 

• three production wells (two in the Kuda Tasi field and one in Jahal); 
• subsea production system; 
• flexible flowlines and umbilicals; and 
• redeployment of the Petrojarl I FPSO enabling offshore processing, storage and crude export facilities. 

The approved infrastructure has been intentionally designed to accommodate future expansion opportunities across PSC 19-11, providing a platform for additional discoveries to be developed in Phase 2 and subsequent phases extending the life of the project well beyond the initial development. 

Next Steps - Advancing Towards Final Investment Decision 

With FDP approval now secured, Finder is focused on completing the remaining workstreams required to support FID. These include completion of project financing, execution of drilling and other major project contracts, procurement of long-lead equipment and completion of the remaining environmental approvals. 

FDP approval marks a significant inflection point for the KTJ Project and substantial progress has been made across all critical workstreams.  FDP approval clears the path to achieve FID within the current September quarter. 

Importantly, the Joint Venture has continued to advance activities ahead of FID to preserve the accelerated development schedule. Earlier this year, with the support of TIMOR GAP, procurement of critical long-lead items commenced to secure manufacturing capacity and protect the project's path to First Oil (refer ASX Announcement of 28 April 2026). As a result, the Company does not expect the revised timing for FID to materially affect the targeted First Oil in accordance with our accelerated development schedule. With the principal development approval now in place, Finder believes the KTJ Project has entered its final predevelopment phase, with remaining activities focused on financing, contracting and execution ahead of FID. 

Near-Term Catalysts 

Following FDP approval, Finder is entering a period of significant project activity with multiple value catalysts expected during the September quarter, including: 

• FID for the KTJ Project 
• Independent RISC Competent Person's Report (CPR) supporting the project financing process 
• Completion of debt financing for the KTJ Project 
• Award of the integrated EPCI contract and other major project agreements 
• Execution of drilling contracts and securing a drilling rig for the development campaign 
• Completion of interpretation of the reprocessed Ikan 3D seismic data over the Krill and Squilla discoveries, supporting evaluation of infrastructure-led growth opportunities in Phase 2 

 KeyFacts Energy: Finder Energy Timor-Leste country profile