Sunda Energy, the AIM-quoted exploration and appraisal company focused on gas assets in Southeast Asia, has entered into a series of agreements for the funding of…
Sunda Energy, the AIM-quoted exploration and appraisal company focused on gas assets in Southeast Asia, has entered into a series of agreements for the funding of the drilling campaign on the Chuditch gas field, offshore Timor-Leste, which is now targeted for summer 2025.
SundaGas Banda Unipessoal, Sunda's wholly owned subsidiary, has entered into a binding farm-in agreement with its government-owned joint venture partner TIMOR GAP, which increased its working interest share from 40% to 70%.
Sunda said it will retain 30% share, and the operatorship of the project.
In addition, the company has conditionally raised up to $9.0 million, before expenses, by way of the issue of unsecured convertible loan notes to three institutional investors.
Together, these combined funding arrangements will enable Sunda to execute a contract for the use of a jack-up rig to drill the Chuditch-2 appraisal well, par of the TL-SO-19-16 Production Sharing Contract.
Namely, SundaGas, in close collaboration with TIMOR GAP, is finalizing negotiations on a contract for the use of a jack-up rig to drill the Chuditch well.
The contract is expected to be signed along with a number of additional contracts with other third-party service providers for a range of materials, equipment and services required
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