Finder Energy has signed a contract worth an estimated $42.3 million with Eneos Drilling for the Hakuryu-5 semi-submersible rig to drill three development wells at the Kuda Tasi and Jahal (KTJ) offshore oil project in Timor-Leste.
The agreement covers the provision of the rig, associated equipment and personnel for a firm three-well campaign, with options for two additional wells, Finder said in an October 15 announcement.
The contract has a minimum commitment of 140 days, while the three-well drilling and completion program is expected to take approximately 150 days.
The estimated $42.3 million contract value represents the gross joint venture cost, with the final amount dependent on the actual duration of operations and applicable contractual rates.
Drilling is scheduled to begin from December 1, 2027, with a contractual commencement window extending to March 15, 2028.
The agreement remains conditional on obtaining the required KTJ joint venture, government and Finder board approvals by December 31, 2026, as well as Eneos parent company and board approvals by November 16, 2026.