Sunda Energy PLC on Tuesday announced that a process with Pacific LNG Operations Pte Ltd for to advance funding the Chuditch production sharing contract in Timor-Leste continued to advance.
The Southeast Asia-focused gas resource company says drilling is now expected to start in the second quarter of 2025, with slippage in the schedule principally resulting from overrunning drilling activities of other operators using the preferred rig.
‘All other aspects of operational planning are progressing well. Extensive geological and engineering studies in support of drilling operations are ongoing, addressing all aspects required to achieve operational objectives including well testing, whilst avoiding geological hazards and focussing throughout on health, safety and environmental protection,’ Sunda Energy said.
Chief Executive Officer Andy Butler said: ‘Beyond Timor-Leste, we look forward to receiving news on the awards of licences 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.’
Sunda Energy shares fell 15% to 0.07 pence each on Tuesday afternoon in London.
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