(WO) – Finder Energy has signed a contract with ENEOS Drilling for the Hakuryu-5 semisubmersible to drill the KTJ development offshore Timor-Leste. The contract covers three firm wells, with options for two more, and drilling is scheduled to start on Dec. 1, 2027. It still needs approval from ENEOS’ parent company and board by Nov. 16, and from the joint venture, the government and Finder’s board by Dec. 31.
Drilling and completing the three wells is expected to take about 150 days. That includes running completion assemblies and installing wellheads and Christmas trees ready for hookup to the Petrojarl I FPSO. The two optional well slots could be offered to other operators to share costs, or used for exploration or appraisal wells targeting tie-back opportunities within PSC 19-11. Finder said the rig rates are competitive and in line with its budget for the drilling program.
CEO Damon Neaves called the contract “a major milestone for the KTJ Project.” “The Hakuryu-5 and her highly experienced crew have an excellent safety and performance record with extensive operating experience in Southeast Asia, including drilling campaigns for major operators such as PETRONAS and INPEX,” he said. “We look forward to spudding the first of the three firm development wells late next year.”
Finder has also secured several critical long-lead items and services:
- Sumitomo will supply OCTG, including casing, production liner and completion tubing.
- OneSubsea is fabricating three Christmas trees.
- Wellheads were bought from another joint venture after an inspection.
- AGR will provide integrated drilling management.
- SLB will supply upper completion equipment.
Finder chose the rig through a tender. Representatives of joint venture partner TIMOR GAP took part in an inspection of the Hakuryu-5 in Labuan, Malaysia.
Finder is targeting a final investment decision on KTJ by Nov. 30.
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