Finder Energy has agreed to acquire the Petrojarl I floating production, storage and offloading (FPSO) vessel from Amplus Energy for $15 million in cash and shares, in a move the company said will accelerate development of its Kuda Tasi and Jahal (KTJ) oil fields project, off Timor-Leste.
The purchase price includes $6 million in cash and, subject to shareholder approval, the issue of about 37.2 million shares valued at $9 million. Finder said ownership of the FPSO is expected to provide operating cost savings, extend field life and support future tie-back developments.
The company also secured $16.5 million (A$25 million) in binding commitments through a two-tranche placement to fund the acquisition, maintenance and inspections of the PJI, long-lead item identification, and front-end engineering design (FEED) work to progress the KTJ Project toward a final investment decision targeted for mid-2026.
Finder plans to deploy the FPSO as the core production facility for KTJ, linking the FPSO to three planned development wells and a subsea production system to handle offshore processing, storage and export of crude oil. The company said securing the vessel reduces schedule risk for both FID and first oil, which is planned for late 2027.
Petrojarl I FPSO was most recently deployed at Petrobras’ Atlanta field. It has a production capacity of 30,000 barrels of oil per day and a storage capacity of 180,000, and was acquired by Amplus Energy earlier in 2025.
The FPSO is currently in warm-stacked condition at a shipyard in the Canary Islands, where crews are supporting inspections for pre-FEED and FEED studies. Finder said 427 surveys are planned, with 89% completed.
Under the acquisition, and subject to approvals, Finder will award Amplus a series of operational contracts covering design integration, modification and life-extension work, and production-phase operations. Amplus Energy’s managing director, Steve Gardyne, will join Finder’s board as a non-executive director after the share consideration is issued.
Finder said the acquisition marks a major milestone in de-risking the KTJ Project and follows a series of 2025 milestones including updated resource estimates, partnerships with SLB and Amplus, and securing equity funding as it advances toward debt financing and project sanction.
“Securing the Petrojarl I is a significant step towards the realisation of the KTJ Project. She is widely considered the most redeployable FPSO in the world and comes equipped with adaptable production systems, offering a cost-effective solution for the KTJ Project that streamlines delivery of our acceleration strategy.
“Ownership of the PJI is expected to deliver both capex and opex savings and has potential to unlock future development opportunities which include the Krill and Squilla oil discoveries and several near-field tie-back exploration prospects. Following completion of the equity raise, we will be fully funded to execute our acceleration strategy to FID. We are pleased to welcome new institutional investors onto the register, reflecting the Company’s evolution to a developer and producer,” said Damon Neaves, CEO of Finder.
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