How Has Finder Energy (ASX:FDR) Secured a Rig for the KTJ Development in Timor-Leste?

Sonal Goyal

27 October 2026 12:29 AM AEDT

How Has Finder Energy (ASX:FDR) Secured a Rig for the KTJ Development in Timor-Leste?

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Key Highlights

Finder Energy (ASX:FDR) closed at $0.265, down 5.36%, on 26 October 2026.
It executed a contract with ENEOS Drilling for the Hakuryu-5 rig, with three firm wells and Options for two more.
Drilling is scheduled to start from 1 December 2027, subject to joint venture, government and board approvals.

Finder Energy Holdings Ltd (ASX:FDR) closed at $0.265, down 5.36%, in the Trading session on 26 October 2026, while the S&P/ASX 200 closed at 8,809.9, up 0.17%, and the S&P/ASX 200 Energy index gained 0.92%. Finder is a South Perth-based oil and gas company developing the KTJ project offshore Timor-Leste.

Rig Contract Announced on 15 October 2026

Finder announced that it executed a contract with ENEOS Drilling for the Hakuryu-5 semi-submersible drilling unit, equipment and personnel to drill a firm three-well program at KTJ, with options for two additional wells. The first well is scheduled to start from 1 December 2027, and the three wells have an estimated duration of about 150 days to drill and complete, including completion assemblies and installation of wellheads and Christmas trees ready for hook-up to the Petrojarl I floating production storage and offloading vessel.

The company said the contract provides competitive market rates and aligns with its budget expectations.

Conditions and Options

The contract is conditional on joint venture, government and Finder board approvals by 31 December 2026, and on ENEOS Parent Company and board approvals by 16 November 2026. The two optional slots offer flexibility to include other operators for cost and operational synergies, or to drill exploration or appraisal wells targeting tie-back opportunities within PSC 19-11.

Finder said that securing the rig, together with commitments for long lead equipment and key services, shows the KTJ Project moving from development planning towards execution readiness ahead of a final Investment decision.

The rig contract summary is set out in an annexure to the announcement. Finder's chief executive said the Hakuryu-5 and its crew have an excellent safety and performance record with experience in Southeast Asia, including campaigns for major operators, and described securing the rig as a milestone bringing the project closer to a final investment decision.

About Finder Energy

Finder Energy Holdings Limited (ACN 656 811 719) is based at 85 South Perth Esplanade. Its chief executive noted that the Hakuryu-5 has operating experience in Southeast Asia, including campaigns for major operators.

KTJ is described as Timor-Leste's next offshore oil development, with production planned through the Petrojarl I FPSO.

Risks and Catalysts on Watch

The rig contract is conditional on approvals due on 16 November and 31 December 2026, and the project still requires a final investment decision. Drilling is scheduled from December 2027.

Wrapping Up

Finder has contracted a rig for KTJ development drilling, subject to conditions. The shares closed down 5.36% on 26 October.

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