Highlights:
- Finder has executed a contract with ENEOS Drilling for the Hakuryu-5 semi-submersible drilling unit to undertake the KTJ development drilling campaign offshore Timor-Leste.
- Contract secures three firm development wells, with options for two additional wells providing flexibility for further drilling opportunities.
- The contract provides for competitive market rates and aligns with Finder’s budget expectations for the development drilling program.
- Drilling program scheduled to commence from December 2027, providing clear visibility on the timing of a critical component of the KTJ development schedule.
- Securing the drilling rig, together with commitments for critical long lead equipment and key services, demonstrates the KTJ Project's transition from development planning towards execution readiness ahead of FID.
Finder is pleased to announce that it has executed a contract with ENEOS Drilling for the Hakuryu-5 semisubmersible drilling unit, associated equipment and personnel for a firm, three well program for KTJ with options for an additional two wells. A summary of the material terms of the rig contract is set out in the Annexure.
The contract is conditional upon receipt of the required Joint Venture, government and Finder board approvals by 31 December 2026, together with ENEOS parent company and board approvals by 16 November 2026.
The contract provides for the drilling of three firm wells to commence from 1 December 2027 with an estimated duration of approximately 150 days to drill and complete the wells for production, including running completion assemblies and installation of the wellheads and Christmas Trees ready for hook-up to the Petrojarl I FPSO.
The two optional drilling slots provide flexibility to accommodate participation by other operators, creating opportunities for cost and operational synergies, or to undertake exploration or appraisal drilling targeting potential tie-back opportunities within PSC 19-11.
Damon Neaves, CEO, said: The Hakuryu-5 and her highly experienced crew have an excellent safety and performance record with extensive operating experience in Southeast Asia, including drilling campaigns for major operators such as PETRONAS and INPEX.
Securing the Hakuryu-5 is a major milestone for the KTJ Project which brings us a step closer to FID and providing clear visibility on the timing of the development drilling program.
This is also a strong signal of the progress being made towards delivering Timor-Leste's next offshore oil development. We are committed to working with our Joint Venture partner, TIMOR GAP, to deliver a project that can generate lasting economic benefits for the country.
We look forward to spudding the first of the three firm development wells late next year
Source: Finder Energy
