Finder Energy Secures Drilling Rig for KTJ Development
Key points
- Contract signed with ENEOS Drilling for Hakuryu-5 semi-submersible rig
- Includes three firm development wells with options for two additional wells
- Drilling program scheduled to commence in December 2027
Full summary
Finder Energy Holdings Ltd has secured a drilling rig from ENEOS Drilling for its KTJ development project. The Hakuryu-5 semi-submersible drilling unit will undertake a firm three-well drilling campaign with options for two additional wells. The contract, conditional on approvals by December 31, 2026, is expected to cost approximately US$42.3 million and will be funded through project debt financing. The drilling program is scheduled to commence in December 2027, providing visibility on the timing of the development drilling program. Securing the rig, along with critical long lead equipment and services, marks a significant step towards execution readiness for the KTJ Project.
Guidance
Total contract value approximately US$42.3 million (gross Joint Venture cost)
Outlook
The contract is expected to provide clear visibility on the timing of the development drilling program, marking a significant step towards execution readiness for the KTJ Project.
Summary generated by a large language model. Please interpret with care.