12 May 2025investor presentation● Neutral
Finder presented the Kuda Tasi and Jahal opportunity at the SEAPEX farmout forum in Singapore. This is part of the ongoing partner search; the announcement itself gives no new deal or result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 May 2025other▲ Good
Nobleseas Engineering completed a subsea concept study for Kuda Tasi and Jahal, costing eight shortlisted concepts to Class IV accuracy (-30%/+50%). Finder says results match expectations and raise confidence in project costs. No concept chosen and no cost figures given.
20 Mar 2025director officer appointment▲ Good
Luis Pereira was appointed Timor-Leste Country Representative, to set up a permanent Dili office and oversee logistics, drilling planning and local content for Kuda Tasi and Jahal. Operational hire, not a board change.
12 Mar 2025half year report● Neutral
Half-year to 31 December 2024: profit of $6.9m, driven by a $9.37m non-cash gain from deconsolidating Beagle (the WA-542-P option ended). Closing cash and term deposits $7.3m. Operating performance did not drive the profit.
24 Feb 2025other● Neutral
Notice of an investor webinar with the CEO and COO on 26 February 2025 about the Kuda Tasi and Jahal project. No new information.
19 Feb 2025resource reserve update▲ Good
Dynamic modelling forecasts Kuda Tasi and Jahal initial rates of 25,000-40,000 bopd from 3 wells, with 10 MMbbl produced in the first 18 months. Lanjara and Lanjara SW prospects hold 36 MMbbl mean prospective. A forecast, not a booking; subject to funding and a partner.
12 Feb 2025drilling progress report▲ Good
Ikan 3D reprocessing is 66% complete and now due to finish end of Q1 2025 (earlier guidance was April). Finder says imaging results exceed expectations. Aims are to place development wells, re-evaluate Krill and Squilla, and support the partner search.
11 Feb 2025director officer appointment● Neutral
Paula Kane, Finder's Permit Manager of over 20 years, was appointed Joint Company Secretary alongside Anthony Benino. Governance appointment only.
8 Jan 2025listing compliance notice▼ Bad
Finder answered an ASX query over CEO Damon Neaves' director's interest notice lodged one day late, blaming a holding account not set up in its registry system. It will now require directors to confirm the trading account before approval. Minor compliance matter.
21 Nov 2024investor presentation● Neutral
AGM presentation restates the Timor-Leste acquisition (34 MMbbl net 2C), $8.5m cash and 282.1m shares. Timeline: Ikan reprocessing complete Q2 2025, Concept Select gate Q3 2025, FEED from Q4 2025, development partner a 2025 priority. No new announcement.
19 Nov 2024asset acquisition disposition● NeutralMajor
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.
7 Nov 2024joint venture update▲ Good
Finder says Kuda Tasi and Jahal is in Concept Select, with FPSO market survey done, an Early Production System under consideration, and initial rates of 25,000-40,000 bopd expected. Ikan 3D reprocessing is 20% done, due April 2025. Several potential partners have shown interest.
27 Sept 2024annual report● Neutral
2024 Annual Report. The Chair describes the Timor-Leste acquisition as a shift from explorer to developer and says UK farmouts are hard because of higher taxes, though Finder stays committed to them. Extract shows no new figures.
27 Sept 2024annual report● Neutral
Appendix 4G for the year to 30 June 2024, pointing to the corporate governance statement on Finder's website. Administrative filing with no operational or financial news.
25 Sept 2024capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
41.7m new shares at A$0.048 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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18 Sept 2024investor presentation● Neutral
Essential Energy Conference presentation of 18 September 2024 largely re-uses the September corporate deck: Timor-Leste acquisition highlights and the UK and North West Shelf portfolio. Nothing new is disclosed.
10 Sept 2024investor presentation● Neutral
September 2024 corporate presentation repeats the Timor-Leste acquisition case (45 MMbbl 2C, 116 MMbbl prospective). It shows 242.6m shares on issue, $7.1m net cash and about $12.1m market cap at $0.05. No new announcement.
9 Sept 2024regulatory community update▲ Good
A signing ceremony in Dili on 6 September marked the start of the new PSC 19-11 term under Finder as operator, attended by ministers and regulator and TIMOR GAP officials. Finder has begun seismic reprocessing and engineering studies toward development of Kuda Tasi and Jahal.
9 Sept 2024capital raising announcement● NeutralMajor
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.
3 Sept 2024capital raising announcement● Neutral
Reminder that the 1-for-1.26 entitlement offer at $0.048 closes 5pm Perth time on 6 September 2024 and will not be extended. No new terms or figures.
30 Aug 2024other● Neutral
Finder lodged an updated Securities Trading Policy under Listing Rule 12.10, a governance document on insider trading rules. No operational or financial news; it repeats the 1 August administrative lodgement.
30 Aug 2024security holder rights change● Neutral
5,500,000 IPO-era performance rights held by management and staff vested after the Board found the value targets met, triggered by booking 34 MMbbl net 2C oil in Timor-Leste. Vesting means new shares for staff, a dilution for shareholders (inference).
29 Aug 2024asset acquisition disposition▲ GoodMajor
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.
28 Aug 2024director officer appointment▲ Good
Mark Robertson, a consultant on the Timor-Leste due diligence with over 35 years' experience, was appointed Chief Operating Officer and Project Director for the Kuda Tasi and Jahal development, which Finder aims to take to final investment decision and first oil.
16 Aug 2024capital raising announcement● Neutral
Offer booklet for the 1-for-1.26 entitlement offer at $0.048 to raise about $6m, closing 6 September 2024. It contains the legal terms for the raising already announced; the extract shows no new figures.
16 Aug 2024capital raising announcement● Neutral
The entitlement offer opened: about 126.9m new shares at $0.048 to raise about $6.09m, closing 6 September 2024. Longreach's voting power could rise to 66.57% if no one else participates. Opens the previously announced raising.
What it means for a shareholder
127m new shares at A$0.048 to raise about A$6.1m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 Aug 2024capital raising announcement● Neutral
Cover letter to shareholders from the Chair saying the entitlement offer is open at $0.048, closing 6 September 2024. It repeats known terms and says completion of the Timor-Leste acquisition is expected in August 2024.
8 Aug 2024asset acquisition disposition▲ GoodMajor
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.
8 Aug 2024capital raising announcement● NeutralMajor
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.
8 Aug 2024other● Neutral
Finder announced a shareholder webinar on 12 August 2024 where CEO Damon Neaves will discuss the Timor-Leste acquisition and the entitlement offer. Administrative notice with no new information.