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On Wednesday, Sunda Energy announced that it has applied for two offshore licence areas in the Philippines as part of its strategic expansion into gas exploration across Southeast Asia.
The AIM-traded company revealed that the applications were submitted for licence areas located in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM). These areas are known to contain several notable gas discoveries, which are believed to have significant potential for future development.
The applications were made in collaboration with three other companies during the First Conventional Energy Bid Round in BARMM. Should these applications be successful, Sunda Energy anticipates holding a 37.5% non-operated interest in any resulting service contracts.
The offshore regions in question reportedly feature substantial gas discoveries and considerable potential for further development. Sunda Energy plans to evaluate these prospects if the licences are awarded.
This move aligns with Sunda Energy’s refined strategy, which prioritizes acquiring significant gas assets in Southeast Asia with relatively low entry costs. However, the company acknowledged that there is no certainty regarding the awarding of these licences or the timeline for any potential awards.
Dr. Andy Butler, CEO of Sunda Energy, emphasized the company's focus on upcoming appraisal activities on the Chuditch field in Timor-Leste, while also actively pursuing new business opportunities in line with its goal of establishing a major presence in the Southeast Asia energy sector. He highlighted that the initiative in the Philippines leverages the team’s extensive prior experience in the region, which could add significant early value if successful.
At 1100 BST, Sunda Energy shares had risen by 1.54%, trading at 0.07p. The announcement underscores Sunda Energy's commitment to expanding its gas exploration footprint while navigating the uncertainties inherent in securing new licences and development projects.
