Finder Energy advises that the Farmin Agreement with joint venture partner TIMOR GAP PSC 11-106 Unipessoal, Limitada (TIMOR GAP) has now completed following receipt of all necessary regulatory and third-party approvals.

Completion of this agreement sees TIMOR GAP increase its participating interest in PSC 19-11 from 24% to 34%, reinforcing the strong partnership between Finder and the National Oil Company of Timor-Leste.

Under the terms of the agreement, TIMOR GAP will contribute 50% of the development capex for the KTJ Project up to a gross cap of US$338 million as well as immediate funding support to facilitate acceleration of FID.

Finder retains a 66% participating interest and operatorship of PSC 19-11, enabling the Company to continue to successfully implement the acceleration strategy to FID.

The farmin significantly de-risks the project, provides funding certainty for development and strengthens our partnership with TIMOR GAP.

Recent positive developments, including the farmin, have created strong momentum as we enter into a period of intense activity driving the Company toward FID by mid-2026.

Project Status

The Integrated Project Team is progressing all work streams to advance the KTJ Project through assurance checks and project decision gates to adhere to our Quality Assurance System. Our current focus is transforming design concepts into a fully defined FDP to support a development decision at FID. During this stage we are undertaking detailed subsurface evaluation and reservoir modelling, refining SPS components, FPSO selection and interface engineering as part of FEED to refine technical specifications, cost estimates, and schedules. Key commercial and regulatory work is also being undertaken, including partner alignments, regulatory approvals and engagement with contractors and suppliers. Risk assessments, environmental and social impact studies and project execution strategies are also being completed. The outcome of FEED is to define a robust, de-risked FDP with a clear technical and economic case to achieve FID.

Near-Term Catalysts

Looking ahead, Finder are fast approaching a number of major catalysts and project milestones, including:

• Securing an FPSO
• Independent resource certification for the Kuda Tasi and Jahal Oil Fields
• Updated dynamic modelling simulation and production forecasts
• Securing the Drilling Unit for the development drilling campaign
• Completion of FEED
• Approval of FDP
• Debt funding
• Final Investment Decision

Unlocking the cash flow potential of the KTJ Project is Finder’s highest priority.

PSC 19-11 is located within the prolific Laminaria High oil province of Timor-Leste.

Near Term Development

• Discovered and fully appraised Kuda Tasi and Jahal Oil Fields with combined 22 MMbbl Gross 2C Contingent Resources
• Multiple development concepts including proven FPSO tied to subsea wells
• Excellent initial production rates of 25,000 – 40,000 bopd (facility dependant)
• Rapid development pathway
• Initial development provides hub for additional near field development, creating a pipeline of opportunity

Low Risk Upside

• Discovered Krill & Squilla Oil Fields with combined 23 MMbbl Gross 2C Contingent Resources
• Drill-ready, low-risk and near-field exploration prospects with combined 116 MMbbl Gross Mean Prospective Resources

KeyFacts Energy: Finder Energy Timor-Leste country profile   l    KeyFacts Energy: Farm-in agreements