28 August 2024
Sunda Energy
Plc
("Sunda"
or "Sunda Energy" or the "Company")
Philippines Licence Round
Application
Sunda Energy Plc (AIM: SNDA) is
pleased to announce that, in line with its refined
strategy to focus on gas in Southeast Asia, it has submitted
applications for two offshore licence areas in the Philippines
which contain several material gas discoveries and significant
upside potential.
As highlighted in the Company's announcement of
12 August 2024, Sunda has been actively screening new business
opportunities in Southeast Asia. These include a number of possible
new ventures where significant interests in material gas assets
with low costs of entry may be accessed. One of these initiatives
has resulted in the licence round applications being made in the
1st Conventional Energy Bid Round of the Bangsamoro Autonomous
Region of Muslim Mindanao ("BARMM") in the Philippines. These
applications have been made in a joint venture partnership with
three other companies and, if successful, Sunda expects to hold a
37.5% non-operated interest in any resulting service contracts that
are awarded. The application areas are offshore and contain several
material gas discoveries and significant upside potential which the
Company hopes to evaluate following award if successful.
It is expected than any resulting service contracts will have
modest initial work programmes.
There is no guarantee that the applications
made will result in award of new assets to Sunda Energy, nor is
there certainty of the timing of any potential awards. Further
information will be announced as appropriate and when available to
the Company.
Dr Andy
Butler, Chief Executive
Officer,
commented:
"Whilst the
Company remains strongly focussed on its upcoming appraisal
activities on the Chuditch field in Timor-Leste, Sunda is also
actively pursuing a business development strategy to target assets
of similar materiality and in line with the Company's goal of
building a substantial energy business in the SE Asia region. I'm
pleased that we are proving able to quickly execute on this
strategy. This Philippines initiative focusses on an area where the
Sunda team has considerable prior experience, and I believe that
this can add significant early value to Sunda if it is
successful."
For further
information, please
contact:
Sunda Energy
Plc
+44 (0) 20 7117 2849
Andy Butler, Chief Executive
Rob Collins, Chief Financial Officer
Allenby
Capital
Limited
+44 (0) 20 3328 5656
Nominated Adviser and Joint
Broker
Nick Athanas, Nick Harriss, George Payne
(Corporate Finance)
Kelly Gardiner, Stefano Aquilino (Sales and
Corporate Broking)
Cavendish
Capital Markets
Limited
+44 (0) 131 220 6939 / +44 (0) 207 397
8900
Joint Broker
Neil McDonald, Pearl Kellie (Corporate
Finance)
Leif Powis (Sales)
IFC Advisory
Limited
+44 (0) 20 3934 6630
Financial PR and
IR
sunda@investor-focus.co.uk
Tim Metcalfe, Florence Chandler