See below the starting and ending point screenshots.
If you reach the end point before the paper - by any means - you can catch it there.
It is doable by running.
Reward: Fleur-de-lys Scheme (Back)
Southwest of Pontem Esera, over the Oysa River, is an unnamed location with a Cursed Object.
It is underground.
There is a well. Destroy the top and climb down.