Finder Energy has selected the Hakuryu-5 rig for development work at Kuda Tasi and Jahal (KTJ) offshore Timor-Leste. Its subsidiary Finder Timor-Leste B.V. signed the agreement with ENEOS Drilling Limited, covering three firm wells plus two options, subject to outstanding approvals.
The company’s 15 October 2026 announcement sets the commencement window between 1 December 2027 and 15 March 2028. The planned drilling and completion campaign spans approximately 150 days; the contractual minimum is 140 days. Completion assemblies, wellheads and Christmas Trees will prepare the wells for subsequent hook-up to the Petrojarl I FPSO.
The joint venture’s estimated rig expenditure is US$42.3 million, although actual operating duration and contractual rates will determine the final cost. Finder Energy intends to cover its share largely with project debt, with Barrenjoey DCM assisting. Payment security requires bank guarantees of US$19.3 million gross, provided in stages.
Approvals from the ENEOS parent and board are due by 16 November 2026. Government and joint venture approval, together with approval by Finder Energy’s board, must follow by 31 December 2026. The company’s final investment decision target remains 30 November 2026.
Finder Energy can exercise the two options through written notification by the commencement date, retaining the existing terms. They may serve other operators or exploration and appraisal activity supporting possible PSC 19-11 tie-backs.
A site survey will support assessment of the rig’s moorings and marine riser. If extra mooring equipment proves necessary but cost allocation remains unresolved, either side may end the agreement without liability for costs.
Preparations also cover casing, production liner and completion tubing from Sumitomo. OneSubsea is manufacturing three Christmas Trees, while SLB will deliver upper-completion equipment. Following suitability checks, wellheads were purchased from a separate joint venture. AGR will handle integrated drilling management; Finder Energy remains responsible as operator.
