On 8 August 2024 Finder Energy announced the signing of agreements to acquire a 76% interest in, and operatorship of, PSC 19-11 offshore Timor-Leste (Figure 1), which contains the discovered and appraised Kuda Tasi and Jahal oil fields. The remaining interest is held by TIMOR GAP, the national oil company of Timor-Leste. The acquisitions under these agreements completed simultaneously on 28 August 2024.
On completion of the acquisition, Finder booked 34 MMbbl net 2C resources. Finder immediately mobilised to commence the work program which is designed to rapidly achieve FID and First Oil for the Kuda Tasi and Jahal development project.
PSC 19-11 contains discovered oil resources and upside potential, which includes:
- the discovered and appraised Kuda Tasi and Jahal Oil Fields with combined 22 MMbblGross 2C Contingent Resources;
- the discovered Krill & Squilla Oil Fields with combined 23 MMbbl Gross 2C Contingent Resources; and
- low-risk, near-field exploration potential with combined 116 MMbbl Gross Mean Prospective Resources.
PSC 19-11 is located within the prolific oil province of the Laminaria High in the Bonaparte Basin. The primary hydrocarbon play for the area is the excellent quality Middle Jurassic Laminaria and Plover shallow marine fluvio-deltaic reservoir sandstones sealed by Late Jurassic marine shales of the Frigate and Flamingo Formations. This is the same play that has delivered an excellent exploration success rate with 17 oil discoveries from 35 exploration wells and has led to over 270 MMbbls of oil being produced from 6 oil fields (Laminaria, Corallina, Buffalo, Elang, Kakatua and Kitan). The regionally extensive Laminaria/Plover sandstone reservoir provides strong aquifer drive for the fields, and together with the excellent high API gravity oil leads to high recovery factors (up to 65% proven at Laminaria).
For further info re the acquisition of an interest in, and operatorship of, PSC 19-11, offshore Timor-Leste, click here
Susequent to the above announcement, on November 7, Finder announced an update regarding the Kuda Tasi and Jahal development project. The announcement provided an update on key workstreams and upcoming milestones. Finder is attacking the front end of the PSC 19-11 work program to maximise the potential to accelerate First Oil from the Kuda Tasi and Jahal Oil Development Project. The Project represents significant value for Finder and progressing swiftly through the early project milestones is a high priority. The Company is fortunate to benefit from the risk capital invested by previous owners to de-risk the Project through the exploration and appraisal phase, allowing it to move into development and quickly realise the value of the resources.
The Company is seeing early interest from several potential partners, either in the form of capital or vessels or other development solutions which have potential to greatly benefit the Project. Finder looks forward to capitalise on these opportunities to maximise value in parallel with execution of the Project workstreams which will provide clarity on its operational and capital requirements.
Looking ahead, the Project is currently in the Concept Select Phase. This phase is critical to refining the development concepts, costs and economics leading into FEED and ultimately the Project Field Development Plan and FID. The work being done during the early part of this phase will also feed into the process to secure a development partner.
The Project is attracting interest from a diverse range of groups, not only industry partners but FPSO owners and other sources of development funding. De-risking the development is a critical step in realising the value of the Project.
For further details, see: Update - Kuda Tasi and Jahal Oil Development Project.
Source: Finder Energy
