Finder has recently signed a contract for the ENEOS drilling rig to drill and complete three wells in the KTJ field located in the waters of East Timor. This project, which is considered one of the key stages in the development of the KTJ field, is expected to take about 150 days. During this time, the installation of completion and surface equipment will be carried out to connect the wells to the FPSO (Floating Production Storage and Offloading) Petrogal I system.
Project Details
Finder intends to consider two optional wells in addition to the three main wells to share costs with other operators or for exploratory and assessment projects. These wells may address connectable opportunities within the PSC 19-11 bid area. Finder's drilling rig rates are competitive and align with the budget set by the company for the drilling program.
Read more: Parsian Gas Refinery Prepares for Peak Gas Consumption with Major Repairs
CEO Statement
Damon News, CEO of Finder, described this contract as a major milestone for the KTJ project, adding: "The Hakuryu-5 rig and its experienced team have an excellent track record in safety and performance, with extensive experience in Southeast Asia, including drilling campaigns for major operators such as PETRONAS and INPEX." He also announced that Finder expects to begin drilling the first development well by late next year.
Future of the Project and Investment Decision
Finder has also secured a number of key long-term items and services and is looking to make a final investment decision on the KTJ project by November 30. This decision could have significant impacts on the development process of the KTJ field and help expedite drilling stages.
Read more: Brent Oil Price Reaches $110 · MidOcean Plans to Raise $4 Billion in LNG Capital This Year
