Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

Finder Energy has executed a binding farm-in agreement with joint venture partner Timor Gap to increase the Timor-Leste state oil company’s stake in Production Sharing Contract (PSC) 19-11, entailing the Kuda Tasi & Jahal (KTJ) fields development project, from 24% to 34%.

Under the agreement and subject to final investment decision (FID) for the projects taking place before September 30, 2026, Timor Gap will contribute 50% of total development capital expenditure for the KTJ oil project from the FID, up to a gross cap of $338 million.

The company will also provide immediate funding support before FID, including 24% of costs to accelerate FID, capped at $15 million, and 12% of the costs of other joint venture expenditure retrospectively from January 1, 2025 until FID.

Finder will retain a 66% interest and operatorship of PSC 19-11. Completion of the transfer of the farm-in interest is subject to regulatory and third-party approvals, which Finder anticipates will occur in or about late October 2025.

“This agreement significantly de-risks the development, underpins the project’s strategic importance for Timor-Leste and marks a major milestone for the KTJ Project,” said Chief Executive Damon Neaves.

The KTJ Project, covering the Kuda Tasi and Jahal oil fields, is