Finder Energy is acquiring the Petrojarl I FPSO from Amplus Energy for $15 million, which is expected to accelerate development and optimize costs for its KTJ oil fields project off Timor-Leste.

Information on the Target

Finder Energy has reached an agreement to purchase the Petrojarl I floating production, storage and offloading (FPSO) vessel from Amplus Energy for $15 million, comprised of $6 million in cash and approximately 37.2 million shares valued at $9 million, pending shareholder approval. This strategic acquisition is expected to enhance the development of Finder's Kuda Tasi and Jahal (KTJ) oil fields project located off the coast of Timor-Leste.

The Petrojarl I FPSO, which has a production capacity of 30,000 barrels of oil per day and a storage capacity of 180,000 barrels, was previously deployed at Petrobras’ Atlanta field. Currently, it is in warm-stacked condition at a shipyard in the Canary Islands, undergoing inspections for pre-Front End Engineering Design (pre-FEED) and FEED studies, with a significant number of surveys already completed.

Industry Overview in Timor-Leste

Timor-Leste's oil and gas sector is pivotal to its economy, contributing to government revenues and employment. The country is strategically located in the Timor Sea, which has significant hydrocarbon reserves. Since achieving indep