PJI Update - Results of Phase 1 Engineering for Redeployment

• Phase 1 engineering studies validate the suitability of the Petrojarl I FPSO for the Kuda Tasi and Jahal oil fields
• Limited modifications required with optimisation and targeted upgrades identified for Phase 2
• Environmental approvals pathway defined, supporting FID targeted for mid-2026

Finder Energy Holdings Limited (ASX: FDR) has provided an update on engineering studies assessing the repurposing of the Petrojarl I Floating Production, Storage and Offloading vessel (PJI) for the Kuda Tasi and Jahal oil fields (KTJ Project). The Phase 1 engineering studies, undertaken by Amplus Energy and specialist contractors, have confirmed the technical feasibility of redeploying the PJI to the KTJ Project. The studies demonstrated that there are no significant constraints to achieving targeted production rates across multiple operating scenarios, with only limited modifications required. The key upgrade identified is the produced water treatment system, which will be incorporated as part of the modification program. The mooring system concept design supports the subsea infrastructure layout, and an independent fatigue assessment confirms no material reduction to the vessel's fatigue life under Timor-Leste conditions. The electrical generation capacity is also sufficient, with peak loads within the available capacity. The environmental approvals pathway has been defined, supporting Finder's target of reaching FID by mid-2026 and first oil by late 2027.

Finder is targeting FID by mid-2026 with First Oil targeted for late 2027.