Sunda Energy PLC on Monday reported that its loss in the first half widened as the company continues to make progress with development activity.

The Southeast Asia-focused gas resource company said pretax loss stood at £910,000 in the first half that ended June 30 widening from £847,000 the previous year.

The company continues to generate no revenue.

Sunda Energy shares were up 11% at 0.077 pence each in London on Monday afternoon.

Administrative expenses increased 55% to £1.2 million from £778,000 and the company gained £282,000 from the historic costs on farm-out.

On February 8, the company completed the farm-up agreement between its wholly owned subsidiary and Timor Gap Chuditch Unipessoal Lda, in relation to the Chuditch production sharing agreement in which Sunda holds a 60% interest.

Sunda also raised £3.0 million net that month from the issue of new shares and subsequently had an available cash position of £4.5 million on June 30, down 1.6% from £4.6 million a year prior.

Chair Gerry Aherne said: ‘We are primarily focused on our upcoming appraisal activities on the Chuditch field in Timor-Leste and are currently progressing funding arrangements to enable the drilling of the Chuditch-2 appraisal well. At the same time, we are actively pursuing a business development strategy to target assets of similar materiality, in line with the company’s goal of building a substantial energy business in the Southeast Asian region.’

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