1- Timor Resources has been at the forefront of onshore exploration in Timor-Leste, particularly with its PSCs in the south. Can you highlight the key findings from your drilling and seismic campaigns, and how they have reshaped the understanding of Timor-Leste’s onshore petroleum potential?

Timor Resources has shaped the understanding of Timor-Leste’s onshore petroleum potential. Over the last six years, we have acquired and reprocessed more than 660 km of seismic data, drilled three exploration wells, and carried out eight drill stem tests. Those efforts led to three separate discoveries at Karau-1 (Feto Kmaus), Kumbili-1, and Lafaek-1 (Weda’a), marking the first confirmed onshore oil and gas finds in Timor-Leste in 50 years

The results are compelling. At Karau-1, we confirmed light sweet crude oil of 43–46° API with negligible sulphur content and significant contingent resources, with Feto Kmaus-2 expected to increase reserves from ~4.7 MMbbls to over 12 MMbbls. At Kumbili-1, we recovered 39.8° API crude and at Lafaek-1 we discovered a highly over-pressured gas resource with low CO₂ content, which independent auditors described as commercially attractive. Across our portfolio, Molyneux Advisors have certified 19.23 MMboe of 2C contingent resources and more than 800 MMboe of prospective resources, confirming both the scale and quality of the basin

What these findings show is that Timor-Leste is not just prospective—it is proven. We have demonstrated the presence of hydrocarbons in shallow, accessible reservoirs, with robust economics and breakeven costs below US$20 per barrel. For investors and partners, this is a unique frontier opportunity: Timor Resources has already de-risked the play, established discoveries, and defined a clear pathway from appraisal to production. Our work has repositioned Timor-Leste as an onshore energy province opening the door for regional energy cooperation and long-term investment.

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2- Onshore drilling in Timor-Leste comes with unique geological and logistical challenges. How has Timor Resources applied modern drilling techniques, geophysical imaging, and reservoir modeling to overcome these hurdles and maximize exploration success?

Onshore Timor-Leste presents a unique set of geological and logistical challenges—complex faulted structures, fractured carbonate reservoirs, and a terrain where no drilling had been attempted for fifty years. To meet those challenges, Timor Resources has brought in the full suite of modern exploration technologies and best practices.

On the subsurface side, we acquired new 2D seismic and reprocessed over 660 km of seismic, applying advanced imaging techniques to improve structural definition and reduce uncertainty in highly deformed Triassic and Jurassic sequences. We’ve integrated this seismic with modern reservoir modeling, petrophysical analysis, and analogue studies from fields in Indonesia and Australia to better predict reservoir quality and productivity before committing capital to the drill bit.

Operationally, we’ve deployed modern drilling techniques—including deviated wells, crestal positioning, and careful casing design—to intersect fractured reservoirs at their most productive points while minimizing risk. For example, our upcoming Feto Kmaus-2 appraisal well will be drilled up dip from the discovery well to optimize flow potential and reduce geological uncertainty. We also apply real-time monitoring and modular rig logistics that allow us to work efficiently in remote areas while ensuring the highest HSE standards.

‍The results speak for themselves: three discoveries in three exploration wells, with high-quality light sweet crude and over-pressured, low-CO₂ gas identified. By combining modern geophysics with disciplined well design and execution, we have been able to de-risk this frontier basin, and position Timor-Leste’s onshore resources for scalable development.

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3- Timor-Leste’s government has emphasized local content and knowledge transfer. How does Timor Resources collaborate with ANPM, Timor GAP, and local stakeholders to build capacity, create jobs, and ensure long-term benefits for the Timorese workforce?

Local content is not just a regulatory requirement for Timor Resources—it is a guiding principle of how we operate in Timor-Leste. In 2024 alone, we invested over US$1.7 million into local content, representing 34% of our total exploration expenditure . This commitment translated into tangible outcomes: more than 81% of our workforce were Timorese nationals, supported through structured recruitment, skills development, and on-the-job training programs in drilling, logistics, HSE, and administration .

We collaborate closely with ANPM, and SEFOPE to ensure fair recruitment processes, skills certification, and transparent career pathways for Timorese employees. Our procurement strategy prioritizes local suppliers and service providers for catering, transport, accommodation, site services, rental of equipment, construction of civil works. In 2024, local vendors supplied over US$700,000 worth of goods and services, reinforcing our role in strengthening Timor-Leste’s business ecosystem .

At the community level, our Annex D Local Content projects—the clean water program in Matai and the horticulture pilot project in Tasihili and Galitas—are delivering lasting benefits in health, food security, and income generation. We have also supported road and flood repairs, emergency response, and local sporting development to the Football Federation of Timor-Leste, ensuring our presence contributes to community resilience and well-being.

Ultimately, our approach is about building long-term capacity. Our work program, present opportunities to undertake on the job training for the Timorese workforce, strengthen local enterprises, and embed social programs that endure well beyond the life of a project. By aligning closely with ANPM, and local stakeholders, Timor Resources is helping ensure that Timor-Leste’s petroleum sector grows as a national asset. We are working to create a brighter future in Timor-Leste.

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4- Beyond exploration, successful field development requires pipelines, processing, and export solutions. How is Timor Resources approaching the infrastructure challenge in Timor-Leste, and what partnerships or financing models do you see as critical to moving discoveries toward production?

Onshore development in Timor-Leste has the advantage of being modular and scalable. Unlike deepwater projects that require enormous upfront capital, onshore facilities can be phased, starting with pilot-scale processing and gradually expanding as production ramps up. This approach reduces risk, manages costs, and allows us to align infrastructure build-out with proven reserves and market demand.

That said, as the first mover in the country, we face the reality that virtually all infrastructure—pipelines, processing plants, storage, and export systems—needs to be constructed from the ground up. This makes the role of the State, and the attraction of international investment, absolutely critical. Timor Resources is engaging proactively with both government stakeholders and potential partners to define infrastructure corridors, financing models, and ownership structures that balance national benefit with investor confidence.

We see multiple pathways, including joint ventures with regional operators, public-private partnerships with the State, and international project finance backed by long-term offtake agreements. What’s most important is creating a framework where private capital can enter with confidence, while ensuring the infrastructure leaves a lasting legacy for Timor-Leste. We are committed to leading this process responsibly, ensuring that our discoveries translate not only into barrels produced, but into long-term economic growth and energy security for the nation.

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5- Timor-Leste sits between Australia and Southeast Asia, in a highly strategic location. How do you see Timor Resources contributing to positioning Timor-Leste as an attractive hub for upstream investment and regional energy cooperation?

Timor-Leste’s location between Australia and Southeast Asia is indeed highly strategic, and we at Timor Resources see our role as both a catalyst and a partner in unlocking that potential. As the first operator to drill onshore in Timor-Leste in decades, we have already invested heavily in seismic, drilling, and testing programs that demonstrate the subsurface potential of the country. This not only de-risks exploration for future investors but also establishes a credible track record that international companies look for before committing capital.

Beyond exploration, our approach has always been about capacity building and regional integration. We are embedding international standards of safety, environmental management, and transparency into our operations, while also training and employing Timorese staff so that the skills and knowledge remain in-country. This creates confidence in Timor-Leste as a serious jurisdiction for upstream investment.

From a regional perspective, we see Timor-Leste emerging as a vital connector. Its onshore resources complement the offshore potential of the Timor Sea, and its location positions it as a natural bridge between Australia’s energy security requirements and the rising demand in Southeast Asia. With the right mix of partnerships, infrastructure investment, and supportive policy, Timor-Leste can evolve into a regional energy hub—not only for hydrocarbons, but also as part of the broader energy transition. This includes domestic gas-to-power solutions, LNG export opportunities, and in time, integration with renewable energy