Finder Energy Holdings (ASX:FDR) completed on schedule the front-end engineering design for the subsea production system and production wells at the Kuda Tasi and Jahal Development project, according to a Monday filing with the Australian bourse.

The company can now transition the project to procurement, financing activities, and approval processes to reach a final investment decision by mid-year, the filing said.

Shares of the company rose 7% and earlier hit a record high.