REG - Sunda Energy PLC - Equity Financing & Operations Update
15/10/2025 07:00
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RNS Number : 3772D Sunda Energy PLC 15 October 2025
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
THE UNITED STATES, CANADA OR JAPAN. THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH
FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 (AS AMENDED) ("EUWA")) ("UK MAR").
15 October 2025
Sunda Energy Plc
("Sunda" or "Sunda Energy" or the "Company")
Equity Financing
and
Operational Update
Sunda Energy Plc (AIM: SNDA), the AIM-quoted exploration and appraisal company
focused on gas assets in Southeast Asia, is pleased to announce a subscription
(the "Subscription") with board members and senior management of the Company
to raise £240,000 and a retail offer (the "WRAP Retail Offer"), to allow new
and existing retail shareholders to participate, to raise up to £230,000. In
total, the Subscription and the WRAP Retail Offer will raise gross proceeds of
up to £470,000 (assuming the WRAP Retail Offer is taken up in full).
The net proceeds raised from the Subscription and WRAP Retail Offer (together
the "Fundraising") will be used by the Company for general working capital
purposes including ongoing preparations to drill in Timor-Leste and initial
technical evaluation work on the two new Service Contracts awarded in the
Philippines as announced by the Company on 8 October 2025.
Subscription and WRAP Retail Offer
The Company has conditionally raised gross proceeds of £240,000 by way of the
Subscription. The Subscription comprises the issue of 960,000,000 new Ordinary
Shares (the "Subscription Shares") at a price of 0.025p per new Ordinary Share
(the "Issue Price"). The Subscription has been taken up by the Directors and
senior management. As part of the Subscription, the Company has agreed that
one warrant will be granted for every two Subscription Shares, with each
warrant entitling the holder to acquire one new Ordinary Share at a price of
0.0375p up to the third anniversary of the date of grant (the "Warrants").
The Subscription is conditional on the Subscription Shares being admitted to
trading on AIM. Application will be made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM which is expected will
take place at 8.00 am on 21 October 2025 ("Admission").
The Subscription Shares, and the new Ordinary Shares capable of being issued
pursuant to the Warrants, will be issued on a non-pre-emptive basis pursuant
to the authorities granted to the Board at the Company's annual general
meeting held on 27 June 2025.
The table below sets out the number of Subscription Shares being acquired by
the Directors and their interests in the issued share capital of the Company
following completion of the Fundraising (assuming the Retail Offer is taken up
in full):
Director Position Subscription Amount New Ordinary Shares being subscribed Number of Warrants being granted Shareholding following Admission Indicative percentage of enlarged share capital following Admission(1)
Gerry Aherne Chairman £50,000 200,000,000 100,000,000 380,000,000 1.25%
Andy Butler Chief Executive Officer £100,000 400,000,000 200,000,000 1,130,601,442 3.70%
Rob Collins Chief Finance Officer £30,000 120,000,000 60,000,000 120,000,000 0.39%
Keith Bush Non-Executive Director £10,000 40,000,000 20,000,000 40,000,000 0.13%
John Chessher Non-Executive Director £10,000 40,000,000 20,000,000 46,000,000 0.15%
(1) Indicative enlarged share capital following Admission in this context
assumes full take-up under the WRAP Retail Offer.
In addition to the Subscription, it is proposed that there will be a separate
conditional retail offer to both new and existing shareholders via the
Winterflood Retail Access Platform ("WRAP") to raise up to
approximately £230,000 at the Issue Price, to provide new and existing
retail shareholders in the Company an opportunity to participate in the
Fundraising on the same terms as those participating in the Subscription.
A separate announcement will be made shortly by the Company regarding the WRAP
Retail Offer and its terms. Those investors who subscribe for new Ordinary
Shares pursuant to the WRAP Retail Offer (the "WRAP Retail Offer Shares") will
do so pursuant to the terms and conditions of the WRAP Retail Offer contained
in that separate announcement.
Operational update
Timor-Leste
The Company's wholly owned Timor-Leste subsidiary SundaGas Banda Unipessoal,
Lda. ("SundaGas") continues to work on preparations for the drilling of the
Chuditch-2 appraisal well, anticipated to commence during early Q2 2026.
In order to secure an appropriate drilling rig, SundaGas sought expressions of
interest from companies that own and operate drilling rigs globally and has
received responses from 7 contractors, covering 12 jack-up drilling rigs
operating in the Asia-Pacific region. The Company has evaluated all responses
and high-graded several proposals for further discussions and negotiations. A
Contract Strategy has been submitted for approval to upstream regulator
Autoridade Nacional do Petróleo ("ANP"). The Company considers that it is on
track to sign a rig contract before the end of 2025. In the meantime, SundaGas
continues to engage with the Timor-Leste helicopter company for support of the
planned offshore drilling operations at Chuditch and believes that an
appropriate and safe service is now going to be available for the planned
drilling period. The Environmental Permitting process is progressing well and
SundaGas anticipates award during Q4 2025.
In parallel, the Company is in close discussions with TIMOR GAP Chuditch
Unipessoal Lda ("TIMOR GAP") concerning its support for funding of the
Chuditch-2 well. These negotiations concern farm-in terms that closely
resemble the farm-in agreement announced on 24 April 2025 and which was
subsequently terminated with postponement of the drilling campaign. There can
be no guarantee at this stage that these negotiations will result in binding
terms being agreed between the parties nor can there be any certainty on the
timing of any agreements being reached.
SundaGas is also engaged in renewed discussions with a number of potential
investors concerning funding for its share of the costs of drilling in
addition to the government support through TIMOR GAP. Whilst there is no
certainty that these discussions will result in new funding partners, the
Company is encouraged by the level of interest, which it considers is in part
due to increased awareness of the emerging energy sector in Timor-Leste.
Philippines
As announced on 8 October 2025, the Company has been awarded non-operated
interests in two Petroleum Service Contracts for offshore licence areas in the
1st Conventional Energy Bid Round of the Bangsamoro Autonomous Region of
Muslim Mindanao in the Philippines. The successful licence awards are a direct
result of the joint applications submitted by the bid group composed of
Triangle Energy (Global) Limited (ASX: TEG, "Triangle"), Sunda Energy, PXP
Energy Corporation (PSE: PXP) and The Philodrill Corporation (PSE.OV), with
Triangle as the operator.
New Business Activities
Sunda Energy's other initiatives to expand and diversify its upstream
portfolio are progressing well. Whilst there can be no certainty of entry into
any new assets, the Company is encouraged by the quality of prospective
opportunities. Further details will be provided as and when any new business
initiatives are successfully concluded.
Dr Andy Butler, CEO of Sunda, commented:
"I believe we're on the cusp of exciting times, with the Chuditch project
getting back on track with government support and renewed investor interest,
with the award of two highly prospective non-operated assets in the
Philippines and with the pursuit of material new ventures. The Fundraising
announced today addresses short-term working capital requirements whilst we
deliver on these projects and initiatives. I thank my fellow directors and
team for their material contributions. The retail offer with accompanying
warrants is intended as a means for both the Company's long-term supportive
shareholders and prospective new retail shareholders to participate if they
choose to in a reinvigorated Sunda Energy. I thank colleagues, partners and
especially shareholders for their ongoing support."
-ENDS-
For further information, please contact:
Sunda Energy Plc Tel: +44 (0) 20 7770 6424
Andy Butler, Chief Executive
Rob Collins, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel: +44 (0) 203 328 5656
Nick Athanas, Nick Harriss, Ashur Joseph (Corporate Finance)
Kelly Gardiner (Sales and Corporate Broking)
Hannam & Partners Advisory Limited (Advisor and Joint Broker) Tel: +44 (0) 20 7907 8502
Neil Passmore (Corporate Finance)
Leif Powis (Sales)
Celicourt Communications (Financial PR and IR) Tel: +44 (0) 20 7770 6424
Mark Antelme, Philip Dennis, Charles Denley-Myerson sunda@celicourt.uk
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name 1. Gerry Aherne
2. Andy Butler
3. Rob Collins
4. Keith Bush
5. John Chessher
2. Reason for the Notification
a) Position/status 1. Chairman
2. Chief Executive Officer
3. Chief Finance Officer
4. Non-Executive Director
5. Non-Executive Director
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Sunda Energy Plc
b) LEI 213800MBSOS9UZ5SW712
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Ordinary Shares of 0.025 pence each
Identification code ISIN: GB00B01QGH57
b) Nature of the transaction Subscription for Ordinary Shares
b) Price(s) and volume(s) Price(s) Volume(s)
1. 0.025p 1. 200,000,000
2. 0.025p 2. 400,000,000
3. 0.025p 3. 120,000,000
4. 0.025p 4. 40,000,000
5. 0.025p 5. 40,000,000
d) Aggregated information:
- Aggregated volume N/A (single transactions)
- Price N/A (single transactions)
e) Date of the transaction 15 October 2025
f) Place of the transaction Outside a trading venue
d)
Aggregated information:
- Aggregated volume
- Price
N/A (single transactions)
N/A (single transactions)
e)
Date of the transaction
15 October 2025
f)
Place of the transaction
Outside a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name 1. Gerry Aherne
2. Andy Butler
3. Rob Collins
4. Keith Bush
5. John Chessher
2. Reason for the Notification
a) Position/status 1. Chairman
2. Chief Executive Officer
3. Chief Finance Officer
4. Non-Executive Director
5. Non-Executive Director
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Sunda Energy Plc
b) LEI 213800MBSOS9UZ5SW712
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the Financial instrument, type of instrument Warrants over Ordinary Shares of 0.025 pence each
Identification code ISIN: GB00B01QGH57
b) Nature of the transaction Grant of Warrants over Ordinary Shares
b) Price(s) and volume(s) Exercise Price(s) Volume(s)
1. 0.0375p 1. 100,000,000
2. 0.0375p 2. 200,000,000
3. 0.0375p 3. 60,000,000
4. 0.0375p 4. 20,000,000
5. 0.0375p 5. 20,000,000
d) Aggregated information:
- Aggregated volume N/A (single transactions)
- Price N/A (single transactions)
e) Date of the transaction 15 October 2025
f) Place of the transaction Outside a trading venue
d)
Aggregated information:
- Aggregated volume
- Price
N/A (single transactions)
N/A (single transactions)
e)
Date of the transaction
15 October 2025
f)
Place of the transaction
Outside a trading venue
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