Finder Resources (ASX:FDR) company history: the story so far

History

Finder Resources listed in 2022 as a UK and Australian explorer, then, after a dry first well, became a Timor-Leste developer with a approved field plan and FID targeted.

2022-2023: Listing and a dry first well

Finder Energy Holdings was admitted to the ASX on 6 April 2022, with trading starting on 8 April. Its IPO raised $15 million by issuing 75 million shares at $0.20, giving a base of 157.5 million shares. The pitch centred on Kanga-1 in WA-412-P, where Finder held 15% and its cost was capped at US$0.94 million. The prospect carried a Best Case estimate of 170 million barrels gross.

The well reached 3,400 metres on 27 May 2022 and found no commercial hydrocarbons. It was plugged and abandoned, ending the prospect Finder had promoted at listing. The loss stayed at the capped amount, and the company said it remained fully funded and would pursue farm-outs, where partners pay to join a project.

Finder then built a UK North Sea portfolio. In April 2022 it agreed to acquire licence P2527 from Talon Energy. In November 2022 it farmed out 40% of P2527, P2528 and P2530 to Dana Petroleum, keeping 60% and operatorship, for £1.3 million plus Dana's share of work costs, which extended its cash runway by over 12 months. It also reported a maiden estimate for P2524, where it held 40%. In March 2023 it agreed to buy Fugro's 50% of the AC/P 61 permit, taking it to 100%, in return for a 1.5% royalty. In June 2023 reprocessed seismic on P2530 identified the Wagtail oil discovery (19 million barrels gross) and two prospects.

2023-2024: Building the UK and Australian portfolio

The late 2023 record is mostly about acquiring and describing acreage. Finder won a priority licence with Equinor in the UK 33rd Licensing Round, holding the Boaz gas and condensate prospect, and in May 2024 won two more licences. In December 2023 it booked a Whitsun estimate of 150 million barrels gross in P2528 and released Boaz estimates, saying total UK prospective resources had grown four-fold that month. In February 2024 WA-547-P received a three-year suspension, extending its term to 4 January 2027. Finder was seeking partners to fund drilling on several of these, but the record shows no drilling in this period.

2024-2025: The Timor-Leste pivot

In August 2024 Finder agreed to buy a 76% interest and operatorship of PSC 19-11 offshore Timor-Leste from Eni and Inpex, for US$2 million upfront, up to US$6.5 million more on a final investment decision (FID, the formal go-ahead to build), and a 5% royalty. The field held 45 million barrels gross of contingent oil, and management described the move as a shift from explorer toward developer. The deal completed on 29 August 2024, with TIMOR GAP holding the rest.

To fund it, Finder launched a 1-for-1.26 entitlement offer at $0.048 a share, aiming for about $6 million. Longreach committed to its full share, and take-up was about 65%. In September the shortfall was placed with institutions, bringing the total to about $6 million. In November 2024 Finder dropped its WA-542-P option, removing a $9.25 million work-program liability, and the Whitsun permit P2528 was set to expire without a well.

In June 2025 ASX suspended the shares for several days after an announcement could not be released in a proper form. It was resolved when Finder signed a development alliance with SLB to bring drilling and subsea design forward. A July 2025 placement raised $6.0 million at $0.065, taking Longreach to 51.1% and shares to 376 million.

In September 2025 TIMOR GAP agreed to lift its interest to 34% and fund half of development costs from FID, up to a gross US$338 million; this completed on 21 October. In October an independent review lifted the Kuda Tasi and Jahal 2C estimate by 14% to 25.5 million barrels gross.

2025-2026: Funding the development

In November 2025 Finder farmed 40% of P2530 out to Serica, keeping 20% and operatorship. In December it bought the Petrojarl I floating production vessel from Amplus for US$15 million, paid as US$6 million cash plus 37.2 million shares at $0.37, and raised A$25 million at $0.37. The purchase completed on 15 December.

Engineering design was completed in February 2026, and in March the regulator approved a Development Area of about 88 square kilometres. In April a bridging agreement with SLB, with the TIMOR GAP farmin amended, funded up to US$20 million of early equipment purchases, split 50/50. Finder raised A$27 million at $0.50, which was completed in two tranches by 18 June. A share purchase plan raised nothing. First oil moved to late 2027 or early 2028.

The regulator approved the field development plan on 9 July 2026, for three subsea wells tied to Petrojarl I. On 20 August a RISC report booked maiden 2P reserves, the more certain category, of 22.2 million barrels gross, with Finder's net share 14.4 million. At that date Finder had about 554 million shares, cash of $32.4 million at 30 June and no debt. FID was targeted for the September quarter 2026, while environmental approval, a rig, and project debt via Barrenjoey remained open.

Written from the 35 story beats below (2022 to 20 Aug 2026), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

2026

20 Aug
RISC independently booked maiden gross 2P reserves of 22.2 MMstb for the initial three-well KTJ development, with Finder's net share 14.4 MMstb. A possible fourth infill well adds 2.2 MMstb of 2C contingent resources. This upgrades the earlier contingent classification, ahead of FID.
resource reserve update
9 July
Timor-Leste regulator ANP approved the Kuda Tasi and Jahal Field Development Plan: three subsea wells tied back to the Petrojarl I FPSO. This clears the way to FID, now targeted in the September quarter (earlier mid-2026), with First Oil still late 2027 to early 2028.
regulatory community update
30 Apr
Finder raised A$27m via a placement of 54m shares at $0.50, a 15.3% discount to the last close, plus a Share Purchase Plan of up to A$3m at the same price. Funds go to long-lead items, engineering and FPSO modifications. Debt talks continue via Barrenjoey.
capital raising announcement
28 Apr
Finder signed a bridging agreement with SLB and amended the TIMOR GAP farmin to fund up to US$20m gross of long-lead items before FID, split 50/50. Three subsea trees are reserved. FID remains mid-2026; first oil is now late 2027 or early 2028.
material agreement
27 Mar
Timor-Leste regulator ANP approved a roughly 88 sq km Development Area over Kuda Tasi and Jahal, securing tenure for up to 25 years once the Field Development Plan is approved. The plan is due to be submitted in Q2 2026. KTJ is cited at 25 MMbbl gross 2C.
regulatory community update
16 Feb
Front-end engineering design for the Kuda Tasi and Jahal subsea system and wells was completed on schedule, with the Subsea7/SLB/OneSubsea alliance. Finder is now procuring long-lead items and working on financing and approvals; FID is still targeted mid-year. Resolves the pending FEED thread.
other

2025

15 Dec
Finder completed the Petrojarl I FPSO purchase from Amplus; title passed to subsidiary Jarl Marine. It also signed FEED, conversion management and operations framework contracts with Amplus. FID is still targeted mid-2026. Resolves the 3 December deal; the share issue is still pending.
asset acquisition disposition
3 Dec
Finder will buy the Petrojarl I FPSO from Amplus Energy for US$15m (US$6m cash plus 37.2m shares at $0.37), to be used for KTJ. It also raised A$25m via a two-tranche placement of about 67.6m shares at $0.37, with tranche 2 needing shareholder approval. Resolves the FPSO selection thread.
asset acquisition disposition
4 Nov
Finder agreed to farm out 40% of UK licence P2530 (Wagtail discovery, 19 MMbbl gross 2C) to Serica, keeping 20% and operatorship. Finder gets £500k on completion, a carry to end of Phase B and £936k if the licence enters Phase C. Conditional on NSTA approvals; the NSTA has said it will extend the licence phases. Resolves the November drill-or-drop deadline.
farm in farm out agreement
27 Oct
Remapping on the new Ikan 3D data lifts gross rock volume of the Krill discovery by 60% and Squilla by 243%. These are rock volumes, not resource numbers; updated contingent resource estimates and appraisal well locations are still to come. Follows the KTJ upgrade of 8 Oct.
resource reserve update
21 Oct
The TIMOR GAP farmin completed after all approvals were received. TIMOR GAP's PSC 19-11 interest rises from 24% to 34%; Finder keeps 66% and operatorship. TIMOR GAP funds 50% of KTJ development capex (gross cap US$338m) plus FID-acceleration support. Resolves the 25 Sep signing.
farm in farm out completion
8 Oct
RISC Advisory independently verified a Kuda Tasi and Jahal upgrade after the Ikan 3D reprocessing: gross 2C rose 14% to 25.5 MMbbl from 21.9 MMbbl, and gross 1C rose 31% to 19 MMbbl. Finder says this supports debt financing. Resolves the pending resource certification.
resource reserve update
25 Sept
TIMOR GAP signed a binding farmin lifting its PSC 19-11 interest from 24% to 34%, leaving Finder 66% and operator. It will fund 50% of development capex from FID (gross cap US$338m) plus 24% of FID-acceleration costs (cap US$15m). Completion expected around late October 2025. Finder targets FID by mid-2026.
farm in farm out agreement
3 July
Finder raised $6.0m via a two-tranche placement of 92.3m shares at $0.065, a 15.8% discount to the 20-day VWAP. Longreach takes $2.7m (Tranche 2, needs shareholder approval), lifting it to 51.1%. Shares rise to 376m, funding work toward FID; First Oil targeted 2027.
capital raising announcement
17 June
Finder signed a Development Alliance Agreement and Accelerated FEED agreement with SLB for Kuda Tasi and Jahal, bringing key drilling and subsea FEED forward about 12 months to 6-9 months. Finder's net commitment is about US$0.9m, terminable on 14 days' notice. Resolves the June suspension.
material agreement
16 June
ASX suspended Finder's shares on 16 June after a trading halt from 12 June, because the company's market-sensitive announcement was not in a form that could be released. Shares stay suspended until a suitable announcement is made.
listing compliance notice

2024

19 Nov
Finder terminated its option over WA-542-P (held by Longreach subsidiary Beagle) for $50,000, removing a $9.25m work-program liability from its books as non-cash income. Separately, UK permit P2528 (Whitsun) will expire 30 November 2024 without a well, as the JV declined to drill.
asset acquisition disposition
25 Sept
Finder placed the shortfall of 41.7m shares at $0.048 to institutions, raising about $2m and bringing the whole entitlement offer to about $6m. Directors applied for 2.19m more shares (about $105,000), subject to approval at the AGM.
capital raising announcement
9 Sept
The entitlement offer closed with applications for 82.7m shares, raising $4.0m, about 65% take-up. A shortfall of 44.1m shares (about $2.1m at $0.048) may be placed with institutions by 6 December 2024, short of the full $6.09m so far.
capital raising announcement
29 Aug
Finder completed the Timor-Leste deal announced 8 August and now owns 76% of PSC 19-11, with TIMOR GAP holding the rest. Management says this gives 34 MMbbl net discovered oil and makes Finder a developer, aiming for FID and first oil.
asset acquisition disposition
8 Aug
Finder agreed to buy a 76% interest and operatorship of PSC 19-11 offshore Timor-Leste from Eni and Inpex: US$2m upfront, up to US$6.5m more on final investment decision, plus a 5% royalty. It holds 45 MMbbl gross 2C contingent oil. A shift from pure explorer toward developer.
asset acquisition disposition
8 Aug
Finder launched a non-underwritten 1-for-1.26 entitlement offer at $0.048 per share to raise up to about $6m, mainly to fund the Timor-Leste acquisition and work program. Longreach committed to take up its full entitlement of about $3.2m.
capital raising announcement
6 May
Finder won two more licences in the final UK 33rd Round awards: one between P2527 and P2528 near Buzzard (Finder 60% operator, with Dana), and one on the South Halibut Shelf (100%). Acceptance and joint venture terms are still to be finalised.
material agreement
19 Feb
WA-547-P (100% Finder) received a 3-year suspension and extension of its primary term to 4 January 2027, with no additional commitments. The permit holds the Brees, Favre and Brady prospects; Finder still seeks a farmout partner.
regulatory community update

2023

18 Dec
Finder released Boaz estimates for P2610 (Finder 50% operator, Equinor 50%): 748 Bcf gas and 81 MMbbl condensate gross mean prospective, 22% chance of success. Finder says total UK prospective resources have grown four-fold this month. Phase A studies aim to attract a farm-in partner.
resource reserve update
7 Dec
Finder booked a Whitsun prospect estimate in P2528 (Finder 60%, Dana 40%): 150 MMbbl gross mean prospective oil, 26% chance of success. It is an analogue to the Buzzard Field. Finder has started a farmout to find a partner to fund drilling.
resource reserve update
2 Nov
Finder won a priority licence (blocks 16/8b and 16/13c) in the UK 33rd Licensing Round, bid with Equinor, with Finder as operator. It holds the Boaz gas/condensate prospect. Acceptance and joint venture terms are still to be finalised in coming weeks.
material agreement
27 June
Big Bird 3D reprocessing of P2530 (Finder 60%, Dana 40%) identified the Wagtail oil discovery (19 MMbbl gross 2C contingent, 57% chance of success) and the Bancroft (32 MMbbl) and Marsh (23 MMbbl) prospects. Resolves the pending resource update; a farmout to fund drilling is planned.
resource reserve update
16 Mar
Finder agreed to buy Fugro's 50% of AC/P 61, lifting its interest in the Gem prospect permit to 100%. Payment is a 1.5% royalty on future production, with Longreach's existing royalty bringing the total to 3%. Drilling still needs a farm-in partner. Subject to regulatory approvals.
asset acquisition disposition

2022

21 Nov
Maiden prospective resource for P2524 in the UK North Sea, where Finder holds 40% (Harbour Energy 60%). Barracuda prospect has 67 MMboe gross mean at 31% chance of success; Amberjack and Trevally are lower-risk tie-back targets. Figures are Finder's own; Harbour's evaluation is ongoing.
resource reserve update
8 Nov
Finder signed farmouts giving Dana Petroleum 40% of UK North Sea licences P2527, P2528 and P2530, keeping 60% and operatorship. Finder gets £1.3m (A$2.3m) on completion plus Dana's share of work costs, extending its cash runway by over 12 months. Subject to regulatory approvals.
farm in farm out agreement
27 May
Kanga-1 reached 3,400 m and found no commercial hydrocarbons, so it will be plugged and abandoned. This ends the 170 mmbbl prospect Finder promoted at listing. Finder's loss was capped at US$0.94m, and it says it remains fully funded and will now pursue farm-outs.
drilling result
26 Apr
Finder agreed to acquire 100% of UK North Sea licence P2527 (White Bear prospect) from Talon Energy, next to its P2528 licence. No upfront payment; Talon gets 12.5% of gross income, converting to a 3% production royalty. Conditional on regulatory approvals.
asset acquisition disposition
14 Apr
Kanga-1 in WA-412-P is set to spud early May 2022, with approvals in place and a result due in June. Finder's capped cost fell 25% to US$0.94m, keeping its 15% interest. Best Case prospective resource is 170 mmbbl gross, over 25 mmbbl net.
drilling scheduled
6 Apr
Finder Energy Holdings was admitted to the ASX on 6 April 2022, with trading starting 8 April. Its IPO raised $15 million by issuing 75 million shares at $0.20 each, giving a 157.5 million share base.
capital raising announcement