Sunda Energy PLC Progresses on Chuditch PSC Amid Regional Expansion

Highlights:

• Negotiations with Pacific LNG for project funding are advancing following an exclusivity agreement.
• Drilling for the Chuditch-2 well is set to begin in the second quarter of 2025, delayed due to third-party activities.
• Sunda Energy is preparing for license awards in the Philippines while exploring additional gas opportunities in Southeast Asia.

Sunda Energy PLC (LSE:SNDA) has provided an update on its appraisal project at the Chuditch Production Sharing Contract (PSC) in Timor-Leste, indicating positive advancements in various key areas. The company reported that negotiations with Pacific LNG for project funding are progressing well, following the exclusivity agreement established in August.

The commencement of drilling for the Chuditch-2 appraisal well is now projected to begin in the second quarter of 2025. This timeline has been adjusted due to delays in third-party activities associated with the project's preferred rig. As the company prepares for this crucial phase, it is also conducting an Environmental Baseline Survey, scheduled for completion in the fourth quarter of 2024. This survey is a vital step towards obtaining the necessary environmental license for the Chuditch PSC.

Sunda Energy is actively collaborating with the Timorese government to discuss future development and export strategies for the project. Chief Executive Dr. Andy Butler expressed satisfaction with the progress made at the Chuditch PSC and the ongoing discussions with Pacific LNG, emphasizing the company's strong relationships with the government in Timor-Leste. These relationships are seen as pivotal for unlocking the project's significant potential.

In addition to its work in Timor-Leste, Sunda Energy is also making strides in expanding its business ventures. The company anticipates receiving license awards in the Philippines later this year, marking an important step in diversifying its portfolio. Beyond this, Sunda Energy is exploring additional gas opportunities throughout Southeast Asia, reflecting its commitment to expanding its presence in the region.

Dr. Butler stated, “Beyond Timor-Leste, we look forward to receiving news on the awards of licenses we applied for in the Philippines. As ever, we will continue to explore new venture initiatives in the wider Southeast Asian region as we look to grow an exciting portfolio of high-quality gas assets.”

Overall, Sunda Energy's proactive approach and strong governmental relationships position it well for continued growth and development in both Timor-Leste and Southeast Asia.