Finder Energy Holdings Limited (ASX:FDR) disclosed a Managing Director's presentation delivered by CEO and Managing Director Damon Neaves at the company's Annual General Meeting on 12 November 2026, outlining the status of the KTJ fast-track oil development project in PSC 19-11 and targeting a Final Investment Decision by 30 November 2026.

Key Points

  • Finder Energy is targeting a Final Investment Decision (FID) for the KTJ Project by 30 November 2026
  • The KTJ Project holds independently audited gross 2P Reserves of 22.2 MMbbl and 2C Contingent Resources of 2.2 MMbbl, totalling 24.4 MMbbl (2P+2C)
  • Petrojarl I FPSO has been acquired, the Hakaryu-5 rig contracted for a three-well development drilling programme, and critical long-lead items secured
  • Barrenjoey is leading a financing process with lenders, with senior debt and interim funding arrangements being advanced in parallel
  • The company reported a market capitalisation of $118 million, net cash of $21.2 million, and 554 million shares on issue as at 10 November 2026

KTJ Project Milestones and FID Timeline

According to the filing, engineering FEED has been completed and the development concept finalised, with EPCI tendering concluded. The Development Area has been granted, and both the Field Development Plan and Environmental Impact Statement have been approved. Major development and operating agreements are described as substantially negotiated and progressing through finalisation, joint venture and regulatory approval processes. The company stated that remaining project agreements, approvals and funding arrangements are being progressed as a priority, with FID targeted by 30 November 2026.

Reserves, Resources and Production Forecast

The presentation disclosed that the KTJ Project holds independently assessed gross 2P Reserves of 22.2 MMstb and 2C Contingent Resources of 2.2 MMstb, for a combined 24.4 MMstb on a 2P+2C basis. The initial three-well development carries 1P Reserves of 16.4 MMstb and 3P Reserves of 29.8 MMstb. A 2P production model forecast cited in the presentation indicates cumulative production of 14–15 MMbbls after two years, with FPSO ownership expected to extend field life by an additional two to three MMbbls. PSC 19-11 also contains gross mean prospective resources of 116 MMbbl and gross 2C discovered resources of 23 MMbbl.

Petrojarl I FPSO and Corporate Snapshot

The filing states the Petrojarl I FPSO is 100% owned by Finder Energy and has an oil processing capacity of approximately 30,000 bopd. The vessel's last deployment was on the Atlanta Oil Field in Brazil, where it produced over 30 MMbbl with 98% uptime across 11 different deployments. The company disclosed a strategic partnership with Amplus Energy for vessel operations and management, with Amplus Managing Director Steve Gardyne having joined the Finder board. As at 10 November 2026, the company's share price was 21.2 cents, with an enterprise value of $96 million.