AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
_08_09_2024_00_18_11_456074.jpg)
Sunda Energy Plc (LSE:SNDA) has announced significant developments regarding its operations and funding strategies related to the TL-SO-19-16 Production Sharing Contract (the "Chuditch PSC") in Timor-Leste. The Company has also made a notable addition to its Board of Directors.
Drill Funding and Investment Discussions
Sunda Energy has been actively pursuing funding for the Chuditch PSC project and has made notable progress. The Company has entered into an exclusivity agreement with Pacific LNG Operations Pte Ltd, a Singapore-based investment firm with a strong track record in the Asia-Pacific region. This Exclusivity Agreement provides a framework for mutual due diligence and potential strategic investment to fund the planned Chuditch field appraisal well.
The potential investment, should it materialize, is expected to be conducted through an equity issuance in a Sunda subsidiary, rather than directly at the Sunda Energy plc level. The agreement also includes provisions for discussions with other potential funding partners, whose involvement could support both the appraisal well and future development phases of the Chuditch PSC project.
However, there is no guarantee that definitive agreements will be reached with either the Investor or the Other Parties, nor is there certainty regarding the terms, structure, or timing of any potential investment.
Operational and Regulatory Preparations
As of 19 June 2024, Sunda Energy has entered Year 3 of the Chuditch PSC, and operational planning is well underway. The Company is in the process of securing a drilling rig, with negotiations ongoing and regulatory approvals being sought from Timor-Leste's National Petroleum Authority (ANP) for its procurement and temporary importation. Parallel processes are in place for essential drilling equipment and services.
The environmental permitting process is also advancing. Sunda has submitted the terms of reference (TOR), which includes public consultation on the Company’s operational plans. This is a critical step toward finalizing the Environmental Impact Assessment (EIA) documentation and approvals.
Despite some delays in rig scheduling, the Company maintains its expectation to drill the Chuditch-2 appraisal well in early 2025, contingent on securing necessary financing.
New Ventures and Strategic Focus
In line with its refined strategy focused on gas assets in Southeast Asia, Sunda Energy has been actively exploring new business opportunities in the region. Several potential ventures have been identified, which align with the Company’s goal of acquiring significant gas assets with favorable entry costs. Sunda is evaluating these opportunities and will provide updates as progress is made.
Appointment of Rob Collins to the Board
Sunda Energy is pleased to announce the appointment of Rob Collins to its Board of Directors, effective immediately. Rob Collins, who has been serving as the Company’s Chief Financial Officer since April 2024, brings over 20 years of experience in natural resources corporate finance. His expertise includes advising on a range of corporate transactions, including IPOs, equity raises, and M&A transactions, primarily gained through roles at Evolution Securities, Canaccord Genuity Europe, and GMP Securities Europe. He has also served as CFO for Victoria Oil & Gas Plc and began his career as a Chartered Accountant at Coopers and Lybrand.
Rob has been working with Sunda since December 2023 and will now contribute his extensive experience to the Board's strategic oversight.
