Finder Energy Holdings Completes TIMOR GAP Farm-In

MT Newswires Live10-21

Finder Energy Holdings (ASX:FDR) said the farm-in agreement with joint venture partner TIMOR GAP is now complete following receipt of all necessary regulatory and third-party approvals, according to a Tuesday Australian bourse filing.

Completion of this agreement sees TIMOR GAP increase its participating interest in production sharing contract (PSC) 19‑11 from 24% to 34%.

Under the terms of the agreement, TIMOR GAP will contribute 50% of the development capex for the KTJ Project up to $338 million, as well as immediate funding support to facilitate acceleration of the final investment decision (FID).

Finder said it retains a 66% participating interest and operatorship of PSC 19‑11, enabling it to continue to successfully implement the acceleration strategy to FID.

The company said that the farm-in "significantly" de‑risks the project, provides funding certainty for development and strengthens the partnership with TIMOR GAP.

The company's shares rose past 2% in recent Tuesday trade.

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