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Highlights

  • Finder enters strategic alliance and accelerated FEED agreement with global energy company SLB.

  • The agreement brings forward key engineering milestones by 12 months, targeting faster time to First Oil.

  • An integrated project team has been established to streamline execution and minimise delivery risk.

Finder Energy (ASX:FDR) has announced the execution of a Development Alliance Agreement with global energy technology company SLB to jointly progress the KTJ Project. Alongside this, the companies have entered into an Accelerated Front End Engineering and Design (FEED) Project Agreement to advance critical engineering workstreams by up to 12 months ahead of schedule.

The agreements were signed on 12 June at a formal ceremony held at SLB’s Perth offices, attended by senior executives from both companies, including SLB’s EVP for Geographies, Mr. Steve Gassen, and President for Asia Pacific, Mr. Sherif Shohdy. TIMOR GAP, Finder’s joint venture partner, was represented by its President and CEO, Sr. Rui Soares.

Accelerated Pathway to First Oil

The AFP Agreement provides for immediate mobilisation of SLB’s resources to fast-track FEED work, particularly in the drilling and subsea domains, with the scope expected to be completed in 6 to 9 months. This advancement positions the KTJ Project for a significantly accelerated timeline to First Oil.

Finder is also actively progressing other time-sensitive workflows, including Floating Production Storage and Offloading (FPSO) selection and procurement of long-lead items. The FEED phase will produce detailed project costings and a refined schedule sufficient for passing through the Final Investment Decision (FID) process.

SLB’s Role and Global Expertise

SLB brings significant operational presence in Timor-Leste and a track record of delivering large-scale energy projects across more than 100 countries. The alliance offers access to SLB’s global procurement networks and logistics support.

The agreement sets up an integrated single-source development model beginning with FEED and potentially extending through to Engineering, Procurement, Construction, and Installation (EPCI) phases. The collaboration will evaluate the technical and economic viability of the KTJ Project, including identification and pricing of long-lead Subsea Umbilicals, Risers, and Flowlines (SURF) equipment.

Integrated Project Team and Governance

An Integrated Project Team led by Finder’s Chief Operating Officer, Mark Roberson, has been established to oversee the KTJ Project. The team will be directed by a Steering Committee consisting of representatives from both Finder and SLB, tasked with managing all aspects of project planning and execution across disciplines such as well construction, subsurface engineering, and subsea systems.

The AFP Agreement involves an estimated financial commitment of US$0.9 million net to Finder, which was already included in its existing expenditure forecast. 

Both the Alliance and AFP agreements allow for termination by Finder with 14 days’ notice and are based on customary terms. Future stages of the project, including construction and drilling execution, remain subject to agreement and regulatory approvals.

Market Reaction

Following the announcement, Finder’s share price rose 21.5% to AUD 7.9 cents as of 17 June 2025.