Finder Energy contracts ENEOS Hakuryu-5 for Timor-Leste KTJ wells

Finder Energy signed a contract with ENEOS Drilling for the Hakuryu-5 semisubmersible to drill the Kuda Tasi and Jahal (KTJ) development wells offshore Timor-Leste. The contract covers three firm wells with options for two more, and drilling is scheduled to begin from 1 December 2027. The three wells are expected to take about 150 days to drill and complete, including running completion assemblies and installing wellheads and Christmas trees ready for hook-up to the Petrojarl I floating production storage and offloading (FPSO) vessel.

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 commencement window runs from 1 December 2027 to 15 March 2028. The two optional slots could accommodate other operators or exploration or appraisal drilling targeting tie-back opportunities within PSC 19-11. Finder is targeting a final investment decision for the KTJ project by 30 November 2026.

Finder has also lined up other long lead items and services for the campaign. Sumitomo will supply casing, production liner and completion tubing, OneSubsea is fabricating three Christmas trees, AGR will provide integrated drilling management services and SLB will supply upper completion equipment, including downhole flow-control valves, gauges and packers. Wellheads were acquired from another joint venture.