This announcement provides an update on key workstreams and upcoming milestones. FDR is attacking the front
end of the PSC 19-11 work program to maximise the potential to accelerate First Oil from the Kuda Tasi and Jahal
Oil Development (the Project).
The Project represents significant value for FDR and progressing swiftly through the early project milestones is our
highest priority. We are fortunate to benefit from the risk capital invested by previous owners to de-risk the Project
through the exploration and appraisal phase, allowing us to move into development and quickly realise the value
of these resources.
Already we are seeing early interest from several potential partners, either in the form of capital or vessels or other
development solutions which have potential to greatly benefit the Project. We will look to capitalise on these
opportunities to maximise value in parallel with execution of the Project workstreams which will provide clarity on
our operational and capital requirements.
Engineering
FDR is evaluating alternative development scenarios. Some scenarios offer advantages over others, among the key considerations are reduced Capex, accelerated First Oil, reduced Opex, risk and sources of funding. Our overriding
concerns are expediency and cost.
Development scenarios for Kuda Tasi and Jahal are centred around an FPSO. An FPSO is a Floating Production Storage and Offloading vessel, essentially a converted oil tanker with
production topsides connected via sub-sea flexible flowlines and umbilicals to a number of wells on the sea floor. FPSO’s can be readily purchased (increasing Capex and reducing Opex) or they can be leased (reducing Capex and increasing Opex).
Finder has undertaken a Global Target Asset Market Survey to identify available FPSO’s and is evaluating the suitability of vessels identified and, where applicable, the costs of any
modification and Class Society certification. Preliminary feasibility discussions are underway, which now include consideration of the potential for an Early Production System (EPS). The EPS concept is a low Capex (single well or phased) development based on rapid deployment to accelerate cash flow.
Finder attended the FPSO World Congress in Singapore which is the largest gathering dedicated to the FPSO
community with around 400 delegates. FDR has also joined the Asia-Pacific Scout Group (APSG), London AsiaPacific Scout Groups (LAPS) and the Australian Oil and Gas Scout Group (AOGS). These societies are well represented by developers in the Asia-Pacific region providing ideal opportunities for FDR to discuss the Project with ship owners and potential industry partners.
Reservoir Engineering
Dynamic modelling simulations are currently being carried out across a number of scenarios to take into account
production topside requirements and FPSO capacities such as oil and water treatment. High flow tests on Kuda
Tasi-2 demonstrate superior reservoir performance due to excellent Laminaria Formation reservoir parameters
such as porosity (Figure 3) and permeability. The regionally connected aquifer provides high pressure support
which leads to high recovery factors.
Initial production rates are expected to be in the range of 25,000-40,000 bopd, depending on well count, reservoir
performance and FPSO facility constraints. Excellent production rates have been proven at the nearby
Laminaria/Corallina, Kitan and Buffalo oil fields (all which produced from the same reservoir formation).
Subsurface
Finder commenced reprocessing of the Ikan 3D seismic data during mid-September and is 20% completed by the
end of October. The reprocessing utilises high-end modern PSDM reprocessing technology, including broadband
de-ghosting and full waveform inversion (FWI) to enhance subsurface imaging.
The main objectives of the project are:
1. Enhanced mapping of the Kuda Tasi and Jahal reservoirs and faulting to optimise placement of development
wells to maximise production and recovery; and
2. To evaluate the updip appraisal potential of the Krill and Squilla discoveries and derisk exploration prospects,
including tie-back opportunities around Kuda Tasi and Jahal.
FDR’s industry-leading experience in reprocessing projects ensures that we will get the maximum uplift in subsurface imaging and deliver this project on schedule and on budget. The processing project is expected to be completed by April 2025, with interpretation and updated dynamic modelling to follow.
Look Ahead
The Project is currently in the Concept Select Phase. This phase is critical to refining the development concepts,
costs and economics leading into FEED and ultimately the Project Field Development Plan and FID. The work being
done during the early part of this phase will also feed into the process to secure a development partner.
The Project is attracting interest from a diverse range of groups, not only industry partners but FPSO owners and
other sources of development funding. De-risking the development is a critical step in realising the value of the
Project.
