General – Acquisition
Finder Energy has announced an agreement to acquire the Petrojarl I FPSO from Amplus Energy in a $15 million cash-and-shares transaction.
This marks a major step forward in the company’s Kuda Tasi and Jahal (KTJ) oil fields development offshore Timor-Leste.
Deal Highlights: total purchase price: $15 million, $6 million in cash and ~37.2 million shares valued at $9 million (subject to shareholder approval).
Ownership expected to deliver operational cost savings, extend field life, and enable future tie-back developments.
To support the acquisition and early project work, Finder secured $16.5 million (A$25 million) in binding commitments through a two-tranche placement. Funding will cover FPSO acquisition, maintenance and inspections, long-lead item planning, and FEED activities aimed at achieving FID by mid-2026.
Finder plans to redeploy Petrojarl I as the central production facility for the KTJ Project. The FPSO will be tied back to three development wells and a subsea production system to manage offshore processing, storage, and crude export. Securing the vessel substantially reduces schedule risk for both FID and first oil, targeted for late 2027.
