LONDON - Sunda Energy Plc (AIM: SNDA), an AIM-quoted company specializing in gas exploration and appraisal in Southeast Asia, has announced progress in its funding and operational planning related to the Chuditch PSC project in Timor-Leste, as well as updates on new business ventures.
The company has been advancing discussions with Pacific LNG Operations Pte Ltd for the investment needed to fund the appraisal drilling and potential development of the Chuditch PSC project. While negotiations are ongoing and no definitive agreement has been reached, Sunda Energy anticipates providing updates on the terms of a potential funding agreement with Pacific LNG in the future.
In terms of operational updates, Sunda Energy is negotiating for a drilling rig, with prices and availability improving in the global market. The company expects to commence drilling of the Chuditch-2 appraisal well in Q2 2025, a slight delay due to extended use of the preferred rig by other operators. Preparations for drilling include acquiring an Environmental Baseline Survey, scheduled for Q4 2024, and engaging in workshops with Timor-Leste's National Petroleum Authority and joint venture partner TIMOR GAP.
Sunda Energy is also awaiting the outcome of licence applications for two blocks in the Philippines, with awards anticipated in Q4 2024. The blocks, located offshore in the Sulu Sea, are part of a joint venture consortium where Sunda holds a 37.5% interest. The company remains confident in the award but acknowledges that there are no guarantees.
The company continues to evaluate other opportunities in Southeast Asia as part of its strategy to build a significant gas business in the region. While there is no certainty of securing new assets shortly, Sunda is optimistic about the potential of the opportunities identified.
To enhance its investor relations, Sunda has appointed Celicourt Communications to assist with its communications strategy. The details provided in this article are based on a press release statement from Sunda Energy Plc.
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