25 September 2025

Joint Press Release

TIMOR GAP and Finder Strengthen Partnership to Advance KTJ Project

TIMOR GAP, E.P. through its subsidiary TIMOR GAP 11-106, Unipessoal, Limitada, (TIMOR GAP) is pleased to announce the signing of a farmin agreement with its PSC-TL-SO-T 19-11 (PSC 19-11) joint venture partner Finder PSC 19-11 Pty Ltd (Finder).  The PSC covers the Kuda Tasi and Jahal (KTJ) oil fields offshore Timor-Leste.

Under the agreement, TIMOR GAP will increase its participating interest in PSC 19-11 from 24% to 34% and provide funding to contribute to the acceleration of the KTJ Project to a Final Investment Decision (FID) in 2026 as well as development capex. Mr Rui Soares, President and CEO of TIMOR GAP, said “ Today’s signing of the Farm-In Agreement for the Jahal and Kuda Tasi oil field marks a pivotal step toward first oil which truly represents a win-win solution for both TIMOR GAP and Finder. We are confident that, together with Finder as the Operator, we will maintain the strong momentum that we have already built so far to fast-track the project to reach Final Investment Decision by no later than third quarter 2026 and targeting first oil in late 2027”

The KTJ Project will be the first 100% sovereign oil development project in Timor-Leste and is likely to be the next project into production. Mr Damon Neaves, CEO of Finder, said “We welcome greater participation from our joint venture partner, TIMOR GAP.  This agreement significantly de-risks the KTJ Project, strengthens the partnership and provides support for our acceleration strategy to reach a Final Investment Decision to proceed into the development phase.”

The transfer of the interest under the Farmin agreement remains subject to regulatory and third party approvals, expected by late October 2025.

END

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