Each one in plain English, with the numbers worked through for a shareholder.
3 July 2025capital raising announcement● NeutralMajor
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.
What it means for a shareholder
92.3m new shares at A$0.065 to raise about A$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Finder opened its office in Dili, following the March appointment of Country Representative Luis Pereira. It will support planning, stakeholder engagement and operations for Kuda Tasi and Jahal. Operational step, no financial effect stated.
June 2025 corporate presentation restates the SLB-accelerated FEED, 22 MMbbl gross 2C, and 25,000-40,000 bopd forecast. Shows 9.1c share price, 284.3m shares, $25.9m market cap and $6.0m net cash at 31 March. Nothing new.
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.
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.
CEO presentation at the APAC Energy Capital Assembly in Singapore promoting Kuda Tasi and Jahal. It is a conference deck for the partner and funding search; no new information is evident in the text provided.
Finder completed the Ikan 3D reprocessing on 28 May 2025, after extending the project by 6 weeks, and reported much better imaging of the reservoir and faults. Interpretation has begun to place Kuda Tasi and Jahal development wells, with resource certification, the field development plan and Krill/Squilla re-evaluation to follow.
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.
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.
March 2025 quarter: Ikan 3D reprocessing is 95% complete and within budget. Partial sell-down of PSC 19-11 is being marketed alongside debt and other funding talks. Closing cash was $6m, down from $7.3m. Partner and funding deal still targeted for 2025.
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.
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.
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.
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.
December 2024 quarter: cash $7.3m. Production modelling shows 25,000-40,000 bopd, FPSO screening is complete, and Ikan reprocessing is 57% done. A dataroom is open for Kuda Tasi and Jahal partners, with a deal targeted in 2025.
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.
Chair's AGM address restates that the core strategy is now the Kuda Tasi and Jahal development (22 MMbbl gross 2C), with UK farmouts continuing. Notes the UK autumn budget kept capital allowances. Nothing new disclosed.
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.
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.
September 2024 quarter: cash $8.5m after the $6m raising. The PSC 19-11 acquisition completed 28 August with 34 MMbbl net 2C booked. Concept select engineering and Ikan 3D seismic reprocessing have started, with UK and North West Shelf farmout efforts continuing.
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.
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.
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.
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.
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.
