Finder Energy (FDR) provides an update on key workstreams and upcoming milestones for the Kuda Tasi and Jahal Oil Development Project, offshore Timor Leste.

The Project represents significant value for FDR and progressing swiftly through the early project milestones is our highest priority. We are fortunate to benefit from the risk capital invested by previous owners to de-risk the Project through the exploration and appraisal phase, allowing us to move into development and quickly realise the value of these resources.

Already we are 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. We will look to capitalise on these opportunities to maximise value in parallel with execution of the Project workstreams which will provide clarity on our operational and capital requirements.

FDR is evaluating alternative development scenarios. Some scenarios offer advantages over others, among the key considerations are reduced Capex, accelerated First Oil, reduced Opex, risk and sources of funding. Our overriding concerns are expediency and cost.

Development scenarios for Kuda Tasi and Jahal are centred around an FPSO. An FPSO is a Floating Production Storage and Offloading vessel, essentially a converted oil tanker with production topsides connected via sub-sea flexible flowlines and umbilicals to a number of wells on the sea floor. FPSO’s can be readily purchased (increasing Capex and reducing Opex) or they can be leased (reducing Capex and increasing Opex).

Finder has undertaken a Global Target Asset Market Survey to identify available FPSO’s and is evaluating the suitability of vessels identified and, where applicable, the costs of any modification and Class Society certification. Preliminary feasibility discussions are underway, which now include consideration of the potential for an Early Production System (EPS). The EPS concept is a low Capex (single well or phased) development based on rapid deployment to accelerate cash flow.

Reservoir Engineering 

Dynamic modelling simulations are currently being carried out across a number of scenarios to take into account production topside requirements and FPSO capacities such as oil and water treatment. High flow tests on Kuda Tasi-2 demonstrate superior reservoir performance due to excellent Laminaria Formation reservoir parameters such as porosity and permeability. The regionally connected aquifer provides high pressure support which leads to high recovery factors. 

Initial production rates are expected to be in the range of 25,000-40,000 bopd, depending on well count, reservoir performance and FPSO facility constraints. Excellent production rates have been proven at the nearby Laminaria/Corallina, Kitan and Buffalo oil fields (all which produced from the same reservoir formation).

Kuda Tasi subsurface porosity facies model used in the reservoir engineering dynamic modelling

Subsurface Finder commenced reprocessing of the Ikan 3D seismic data during mid-September and is 20% completed by the end of October. The reprocessing utilises high-end modern PSDM reprocessing technology, including broadband de-ghosting and full waveform inversion (FWI) to enhance subsurface imaging.

The main objectives of the project are: 

1. Enhanced mapping of the Kuda Tasi and Jahal reservoirs and faulting to optimise placement of development wells to maximise production and recovery; and 
2. To evaluate the updip appraisal potential of the Krill and Squilla discoveries and derisk exploration prospects, including tie-back opportunities around Kuda Tasi and Jahal.

FDR’s industry-leading experience in reprocessing projects ensures that we will get the maximum uplift in subsurface imaging and deliver this project on schedule and on budget. The processing project is expected to be completed by April 2025, with interpretation and updated dynamic modelling to follow.

Outlook

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.

Acquisition of discovered oil fields offshore Timor-Leste

In August 2024, Finder Energy entered into conditional sale agreements with Eni and Inpex to acquire a 76% interest in, and operatorship of, PSC TL-SO-T 19-11 (PSC or PSC 19-11) offshore Timor-Leste. The remaining 24% is held by TIMOR GAP PSC 11-106, Unipessoal, Limitada (TIMOR GAP), the national oil company of Timor-Leste.

The PSC contains four discovered undeveloped oil fields, including the fully-appraised Kuda Tasi and Jahal fields, enabling rapid progress to production with additional upside provided by low-risk appraisal and exploration opportunities.

KeyFacts Energy: Finder Energy Timor-Leste country profile