REG - Sunda Energy PLC - Interim Results for six months ended 30 June 2025
01/09/2025 07:00
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RNS Number : 3780X Sunda Energy PLC 01 September 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
1 September 2025
Sunda Energy Plc
("Sunda" or the "Company")
Interim Results for the six months ended 30 June 2025
Sunda Energy Plc (AIM: SNDA), the AIM-quoted exploration and appraisal company
focused on gas assets in Southeast Asia, is pleased to announce its unaudited
interim results for the six months ended 30 June 2025.
Chief Executive's Statement
The first half of 2025 was a period of intense activity for Sunda, as
operational planning activities in Timor-Leste approached a climax. The period
ended with the disappointment of a postponement of the drilling operations,
with the Board's current focus on ensuring that the new drilling timeline of
H1 2026 is achieved in tandem with various initiatives to capture material new
business and broaden the Company's growth portfolio. Key highlights from the
period are described below:
Timor-Leste TL-SO-19-16 PSC ("Chuditch PSC" or "PSC") (Sunda 60% interest)
The Chuditch PSC is located approximately 185km south of Timor-Leste, 100km
east of the Bayu-Undan field and 50km south of the planned Greater Sunrise
development. The PSC covers approximately 3,571 km(2) in water depths of
40-120 metres and contains the Chuditch-1 discovery well, which lies to the
southeast of the PSC area. Chuditch-1 was drilled by Shell in 1998 in water
depths of 64m and encountered a 30m gross gas column in the Jurassic Plover
Formation sandstone reservoirs, at a depth of 2,910m on the flank of a large,
faulted structure. The discovery and neighbouring prospects are largely
covered by a 3D seismic survey acquired in 2012 and subsequently reprocessed
by Sunda. This 3D seismic reprocessing demonstrated Chuditch to be a field of
significant scale, interpreted to be more than 20km long and around 150m in
vertical relief, with a Pmean Contingent Resource of 1.16 Tcf of gas.
The Chuditch PSC is currently in Contract Year 3, which contains a commitment
to drill a well to appraise the Chuditch gas discovery. A well location was
selected for the Chuditch-2 appraisal well ("Chuditch-2"), that is 5.1km from
the original Chuditch-1 discovery well, in a water depth of approximately 68m.
The predicted vertical column height of gas in the Jurassic reservoirs at this
location is 149m, as compared with the 30m gross gas column encountered in the
discovery well.
The reporting period was dominated by operational and funding preparations for
the drilling of Chuditch-2, which had been expected to commence during Q3 2025
but was ultimately delayed (as outlined below) and is now expected to be
drilled during the first half of 2026.
In January 2025, the Company completed an Environmental Baseline Survey
("EBS") in the area of the planned well. The purpose of the EBS was to gather
information on the seabed sediments and fauna, as well as collect seawater
samples. The results were integrated into the Environmental Impact Statement
and the Environmental Management Plan for submission to the regulator,
Autoridade Nacional do Petróleo ("ANP"), as part of the process for securing
an Environmental Permit for drilling activities.
On 24 April 2025, the Company announced that it had entered into a binding
Farm-In agreement (the "Farm-In Agreement") with its government-owned joint
venture partner TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP"), whereby the
Company's wholly owned Timor-Leste subsidiary, SundaGas Banda Unipessoal,
Lda. ("SundaGas"), would assign a 30% interest to TIMOR GAP in addition to the
15% interest acquired by TIMOR GAP in the Farm-In transaction completed on 8
February 2024 and its original 25% interest (which portion is carried to first
gas, the "Carry"). This assignment would have resulted in SundaGas retaining a
30% working interest in the Chuditch PSC, with TIMOR GAP holding a 70%
interest. From the effective date of 1 April 2025 until the end of Contract
Year 3 of the PSC, TIMOR GAP would have been responsible for paying 72% of all
PSC costs, including their share of the drilling of the planned Chuditch-2
appraisal well (and their share of the Carry).
At the same time, the Company announced that it had conditionally raised up to
US$9.0 million, through the issue of unsecured convertible loan notes (the
"Loan Notes" or "CLNs") to three institutional investors. Together with the
TIMOR GAP Farm-In Agreement, the combined funding arrangements provided the
Company with the funding required to drill Chuditch-2, commencing with the
execution of a contract for the use of a jack-up rig. Following a general
meeting of the Company on 10 May 2025, the first tranche of US$1.5 million
(£1.135 million) of CLNs was issued on 12 May 2025 and, on 16 May 2025,
holders of the Loan Notes exercised their right to convert all of the
outstanding balance of their Loan Notes into Ordinary Shares of 0.025p each in
the Company, resulting in the issue of 3,125,594,493 new Ordinary Shares.
Further information is provided in Note 11 to these Interim Financial
statements.
However, on 16 June 2025, the Company announced a postponement of the drilling
of Chuditch-2, which is now expected to be drilled in H1 2026. The delay was
caused by the absence at the required time of helicopter services in
Timor-Leste that met the necessary operational objectives and safety
standards, and the non-approval of alternative international helicopter
service providers. This issue meant that the Company was not able to proceed
with the execution of a definitive contract for a drilling rig, and hence the
Farm-In Agreement also terminated. Termination of the Farm-In Agreement meant
the working interests on the PSC remain unchanged, with SundaGas holding a 60%
working interest and operatorship and TIMOR GAP having a 40% interest.
SundaGas and TIMOR GAP are responsible for paying 80% and 20% of all project
costs respectively.
On 17 June 2025, ANP granted a 12-month extension to the current phase
(Contract Year 3) of the PSC, which now expires on 18 June 2026.
Following postponement of Chuditch-2 and continuing subsequent to the
reporting period, SundaGas is in dialogue with TIMOR GAP concerning
operational and funding plans for Chuditch-2. Discussions are constructive and
positive, and the Company looks forward to providing further information in
due course.
Revised proposals from the Timor-Leste helicopter company have been received
for the support of the offshore drilling operations at Chuditch in H1 2026 and
these appear broadly acceptable, which is encouraging. The Company is actively
engaged with a number of rig operators with a view to contracting a rig for
Chuditch-2 drilling operations. In parallel, efforts to secure an
Environmental Permit continue in good order and are expected to be completed
in the near future.
New Ventures
The Company continues to evaluate and pursue new business opportunities in
line with its growth strategy in the Southeast Asia region.
Sunda's applications for two blocks in the 1st Conventional Energy Bid Round
of the Bangsamoro Autonomous Region of Muslim Mindanao ("BARMM") in the
Philippines remain outstanding, pending final Presidential signature. The
blocks are located in the Sulu Sea adjacent to the Malaysian state of Sabah
and contain several gas discoveries and multiple prospective drilling targets.
The Company continues to liaise with the Philippines authorities, its joint
venture operator and Philippines partners and looks forward to the final award
of the blocks in the near future. We remain excited about the potential of the
two application blocks and are eager to commence activities in the area. More
detailed descriptions of the potential and forward plans for the blocks will
be provided in due course.
As part of Sunda's growth plans as well as the desire to expand and diversify
its upstream portfolio, the Company is actively engaged in the pursuit of a
number of new business initiatives. The target opportunities are potentially
material and would be highly impactful to Sunda if secured. Further details
will be provided if any of these new business activities are successful.
Financial Position
The net loss after finance costs and tax of £1,130,000 (30 June 2024: net
loss of £910,000; year to 31 December 2024: net loss of £2,049,000),
represented a loss of 0.004p per share (30 June 2024: 0.004p; year to 31
December 2024: 0.008p).
On 12 May 2025, the Company issued the Loan Notes for an aggregate value of
US$1,500,000 (£1,135,000). The Loan Notes carry a finance charge of 10% of
the aggregate value of the issued Loan Notes and can be converted into
Ordinary Shares of 0.025p each at the option of the holder at any time prior
to 22 April 2026. In the event of conversion, the Company will also grant the
holders warrants amounting to the equivalent of 75% of the value of the Loan
Notes to be converted, at a 30% premium to the conversion price.
On 16 May 2025, holders of the whole of the above-mentioned Loan Notes
exercised their right to convert all of the outstanding balance of their Loan
Notes into Ordinary Shares of 0.025p each in the Company. The conversion price
was calculated at 0.03995p per share resulting in the issue of 3,125,594,493
new Ordinary Shares. In addition, the Company granted in aggregate
1,803,227,592 warrants to the holders of the Loan Notes, with each warrant
entitling the holders to subscribe to one Ordinary Share at an exercise price
of 0.051935p for a period of three years from grant.
Available cash (excluding monies held as security for the Bank Guarantee in
Timor-Leste) as at 30 June 2025 was £976,000 (30 June 2024: £4,545,000; 31
December 2024: £3,171,000).
The Bank Guarantee issued by Banco Nacional de Comércio de Timor-Leste
("BNCTL"), a bank wholly owned by the government of Timor-Leste for the
Chuditch PSC remains at US$2.5 million (net US$2.0 million), as required by
the regulator, Autoridade Nacional do Petróleo ("ANP"), for the work
commitments in Contract Year 3 of the PSC. The use of BNCTL is part of the
Company's commitment to maximising local content inside Timor-Leste, but also
indicative of its objective to broaden its business partnerships in-country.
Joint Brokers
During April 2025, Hannam & Partners (H&P Advisory Ltd) were appointed
as advisor and joint broker. Allenby Capital Limited remains the Company's
nominated adviser and joint broker.
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and
Gas Companies, the technical information and resource reporting contained in
this announcement has been reviewed by Dr Andy Butler, Fellow of the
Geological Society of London and member of the Society of Petroleum Engineers.
Dr Butler has 30 years' experience as a petroleum geologist. He has compiled,
read and approved the technical disclosure in this regulatory announcement and
indicated where it does not comply with the Society of Petroleum Engineers'
standard.
Gerry Aherne, Sunda Chaiman, commented:
"Despite some headwinds during the first half of the year, considerable
progress has been made and the team continues to strive towards drilling the
Chuditch appraisal well as soon as is practicable. The new business ventures
being pursued are encouraging as we endeavour to grow the portfolio with
additional material projects and I am hopeful that the Company will announce
positive news on these initiatives soon. I look forward to significant
progress on Timor-Leste and beyond during the second half of 2025."
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
Sunda Energy Plc
Consolidated Income Statement
for the six months ended 30 June 2025
6 months to 6 months to Year to
30 June 30 June 31 December
2025 2024 2024
Note Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Cost of sales - - -
Gross profit/(loss) - - -
Exploration and evaluation expenditure (122) (44) (170)
Property, plant and equipment depreciation (17) (18) (37)
Peru closure costs (6) (3) (6)
Administration expenses 5 (1,091) (1,207) (2,222)
Recovery of historic costs on farm-out - 282 221
Gain on revaluation of financial liability 12 252 - -
(Loss)/profit arising on foreign exchange (47) (6) 15
Operating loss 6 (1,031) (996) (2,199)
Finance costs (115) (1) (2)
Finance income 16 87 152
Loss on ordinary activities before taxation (1,130) (910) (2,049)
Income tax expense 7 - - -
Loss for the period (1,130) (910) (2,049)
Loss for the period is attributable to:
Equity shareholders (1,130) (910) (2,049)
(1,130) (910) (2,049)
Earnings per share
Basic 8 (0.004)p (0.004)p (0.008)p
Diluted 8 (0.004)p (0.004)p (0.008)p
Sunda Energy Plc
Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2025
6 months to 6 months to Year to
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss for the year attributable to owners of the parent (1,130) (910) (2,049)
Items which may subsequently be reclassified to profit or loss
Exchange differences on translating foreign operations (569) 35 80
Total comprehensive loss for the period (1,699) (875) (1,969)
Total comprehensive loss attributable to:
Owners of the parent (1,699) (875) (1,969)
Sunda Energy Plc
Consolidated Statement of Financial Position
at 30 June 2025
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
Assets Note £'000 £'000 £'000
Non-current assets
Property, plant and equipment 30 42 28
Intangible fixed assets 9 6,685 4,296 5,059
6,715 4,338 5,087
Current assets
Trade and other receivables 125 166 86
Performance guarantee bond deposit 10 1,458 1,582 1,596
Cash and cash equivalents 976 4,545 3,171
2,559 6,293 4,853
Total assets 9,274 10,631 9,940
Equity and liabilities
Capital and reserves attributable to owners of the parent
Share capital 11 7,159 6,378 6,378
Share premium account 40,349 40,242 40,242
Share-based payment reserve 280 319 338
Foreign exchange translation reserve 226 750 795
Retained earnings (39,333) (37,316) (38,434)
Total equity 8,681 10,373 9,319
Current liabilities
Trade and other payables 469 242 597
Taxes payable 13 3 16
482 245 613
Non-current liabilities
Lease liability 3 13 8
Financial liability 12 108 - -
111 13 8
Total equity and liabilities 9,274 10,631 9,940
Sunda Energy Plc
Consolidated Statement of Cash Flows
for the six months ended 30 June 2025
6 months to 6 months to Year to
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Operating activities 13 (1,385) (983) (1,677)
Investing activities
Return from investment and servicing of finance 16 87 152
Performance guarantee deposit bond repaid - 796 792
Performance guarantee deposit bond paid - (1,592) (1,569)
Additions to exploration and evaluation assets (1,944) (1,001) (1,738)
Acquisition of tangible assets (20) (4) (9)
Part disposal of exploration and evaluation asset - 502 498
Disposal of tangible assets - 2 2
(1,948) (1,210) (1,872)
Financing activities
Proceeds from issue of Convertible Loan Stock 11 1,135 - -
Proceeds from issue of share capital - 2,993 2,993
Lease financing 3 (16) (33)
1,138 2,977 2,960
Net cash (outflow)/inflow (2,195) 784 (589)
Cash and cash equivalents at the beginning of the period 3,171 3,760 3,760
Cash and cash equivalents at the end of the period 976 4,544 3,171
Sunda Energy Plc
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2025 Foreign
Share Share exchange
Share premium Retained option translation Total
capital account earnings reserve reserve equity
£'000 £'000 £'000 £'000 £'000 £'000
As at 1 January 2024 4,746 38,881 (36,406) 319 715 8,255
Shares issued 1,632 1,632 - - - 3,264
Share issue costs - (271) - - - (271)
Transactions with owners (net of transaction costs) 1,632 1,361 - - - 2,993
Loss for the period attributable to equity shareholders - - (910) - - (910)
Foreign exchange translation adjustments - - - - 35 35
Total comprehensive income for the period - - (910) - 35 (875)
As at 1 July 2024 6,378 40,242 (37,316) 319 750 10,373
Loss for the period attributable to equity shareholders - - (1,139) - - (1,139)
Share-based payments - - - 40 - 40
Share-based payment reserve released - - 21 (21) - -
Foreign exchange translation adjustments - - - - 45 45
Total comprehensive income for the period - - (1,118) 19 45 (1,054)
As at 1 January 2025 6,378 40,242 (38,434) 338 795 9,319
Shares issued 781 467 - - - 1,248
Share issue costs - - - - - -
Transactions with owners (net of transaction costs) 781 467 - - - 1,248
Loss for the period attributable to equity shareholders - - (1,130) - - (1,130)
Share based payments - - - 173 - 173
Share-based payment reserve released - - 231 (231) - -
Financial liability arising on conversion of Convertible Loan Notes - (360) - - - (360)
Foreign exchange translation adjustments - - - - (569) (569)
Total comprehensive income for the period - (360) (899) (58) (569) (1,886)
As at 30 June 2025 7,159 40,349 (39,333) 280 226 8,681
Sunda Energy Plc
_________________________________________________________________________________________
Notes to the Interim Financial Information
1. General Information
Sunda Energy Plc is a company incorporated in England and Wales and quoted on
the AIM Market of the London Stock Exchange. The registered office address is
201 Temple Chambers, 3-7 Temple Avenue, London EC4Y 0DT.
The principal activity of the Group is that of exploration for, and appraisal
of, oil and gas.
This financial information is a condensed set of financial statements and is
prepared in accordance with the requirements of IAS 34 and does not include
all the information and disclosures required in annual financial statements
and should be read in conjunction with the Group's annual financial statements
for the year ended 31 December 2024. The financial information for the six
months to 30 June 2025 is unaudited and does not comprise statutory financial
statements within the meaning of Section 435 of the Companies Act 2006.
Statutory financial statements for the year ended 31 December 2024, prepared
under UK-adopted IFRS, were approved by the Board of Directors on 30 May 2025
and delivered to the Registrar of Companies.
2. Going concern basis
The Directors have prepared a cash flow forecast covering the period to 31
August 2026 which contains certain assumptions about the development and
strategy of the business. The Directors are aware of the risks and
uncertainties facing the business and the assumptions used are the Directors'
best estimate of its future development.
The Group intends to enter into a rig contract to drill the Chuditch-2
appraisal well as part of the work program for Year 3 of the PSC. It is
anticipated that the well will spud in the first half of 2026. The cash flow
forecast has been prepared on certain assumptions, the most significant of
which is that additional funding will be achieved to meet the Group's share of
drilling costs as well as operational overheads of the Group for the period to
31 August 2026.
Further to previous discussions with the Company's brokers and certain
investors, the Directors are confident of their ability to raise additional
funds through new placing of shares, or through other means, should this be a
funding option that the Company seeks to pursue, however there is no certainty
that any such fundraising would be successful. Similarly, if certain
assumptions made in the forecast are not achieved then additional funds may be
required. The Directors are confident that any cash shortfall can be met
through the actions described above.
These conditions indicate that there is a material uncertainty which may cast
significant doubt over the Group's ability to continue as a going concern.
After considering the forecasts and the risks, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For these reasons, they continue to
adopt the going concern basis of accounting in preparing the interim financial
statements. The financial statements do not include any adjustments that would
result if the Group was unable to continue as a going concern.
Sunda Energy Plc
________________________________________________________________________
Notes to the Interim Financial Information (continued)
3. Basis of Preparation
This consolidated interim financial information has been prepared in
accordance with UK adopted International Financial Reporting Standards
("IFRS") and IFRIC interpretations issued by the International Accounting
Standards Board (IASB), and on the historical cost basis as amended for
warrants held at fair value, using the accounting policies which are
consistent with those set out in the Group's Annual Report and Financial
Statements for the year ended 31 December 2024. This interim financial
information for the six months to 30 June 2025, which complies with IAS 34
'Interim Financial Reporting', was approved by the Board on 29 August 2025.
4. Accounting Policies
The accounting policies applied for the six months to 30 June 2025 are
consistent with those of the annual financial statements for the year ended 31
December 2024 as described in those annual financial statements.
The preparation of financial statements requires management to make estimates
and assumptions that affect the amounts reported for assets and liabilities as
at the balance sheet date and the amounts reported for revenues and expenses
during the period. The nature of estimation means that actual outcomes could
differ from those estimates. Estimates and assumptions used in the preparation
of the financial statements are continually reviewed and revised as necessary.
Whilst every effort is made to ensure that such estimates and assumptions are
reasonable, by their nature they are uncertain, and as such, changes in
estimates and assumptions may have a material impact in the financial
information.
During the period, the Company granted warrants which were associated with the
conversion of Convertible Loan Notes. In the opinion of the directors, this
grant of warrants is considered to represent a derivative under IFRS9 and has
been classified as a liability at fair value through the Income Statement. The
warrants granted in this period were considered to be directly attributable to
the issue of new shares and, accordingly, the fair value at grant date was
deducted from share premium.
Sunda Energy Plc
Notes to the Interim Financial Information (continued)
4. Segmental information
United Kingdom South America South East Asia Total
Six months ended 30 June 2025 £'000 £'000 £'000 £'000
Unaudited
Revenue
Sales to external customers - - - -
Segment revenue - - - -
Results
Segment result (742) (6) (382) (1,130)
Total assets less liabilities 565 - 8,116 8,681
United Kingdom South America South East Asia Total
Six months ended 30 June 2024 £'000 £'000 £'000 £'000
Unaudited
Revenue
Sales to external customers - - - -
Segment revenue - - - -
Results
Segment result (807) (4) (99) (910)
Total assets less liabilities 3,566 (1) 6,808 10,373
United Kingdom South America South East Asia Total
Year ended 31 December 2024 £'000 £'000 £'000 £'000
Audited
Revenue
Sales to external customers - - - -
Segment revenue - - - -
Results
Segment result (1,366) (6) (677) (2,049)
Total assets less liabilities 2,356 (1) 6,964 9,319
Sunda Energy Plc
Notes to the Interim Financial Information (continued)
5. Administration expenses 6 months to 6 months to Year to
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Directors' and employee benefit expense 467 320 702
Directors' severance payments - 299 299
Share-based payments 173 - 40
Legal and professional fees 485 420 911
Other expenses 226 202 348
Farm-out cost recoveries (260) (34) (78)
1,091 1,207 2,222
6. Operating loss
6 months to 6 months to Year to
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
The loss on ordinary activities before taxation includes:
Exploration and evaluation expenditure 122 44 170
Depreciation of property, plant and equipment 17 18 37
Recovery of historic costs on farm-out - (282) (221)
Gain on revaluation of financial liability (252) - -
Loss /(profit) on exchange 47 6 (15)
═════ ═════ ═════
7. Income tax expense
There was no tax expense during the period (30 June and 31 December 2024:
nil).
Sunda Energy Plc
Notes to the Interim Financial Information (continued)
8. Loss per Share
Pence Pence Pence
Loss per ordinary share
Basic (0.004) (0.004) (0.008)
Diluted (0.004) (0.004) (0.008)
═════ ═════ ═════
The loss per ordinary share is based on the Group's loss for the period of
£1,130,000 (30 June 2024: £910,000; 31 December 2024: £2,049,000) and a
weighted average number of shares in issue of 26,287,865,292 (30 June 2024:
23,394,556,435; 31 December 2024: 24,440,616,024).
9. Intangible fixed assets Exploration and
evaluation assets
Group £'000
Cost
At 1 January 2024 3,968
Foreign exchange translation adjustment 16
Additions 1,001
Disposals (689)
At 30 June 2024 4,296
Foreign exchange translation adjustment 26
Additions 737
At 1 January 2025 5,059
Foreign exchange translation adjustment (318)
Additions 1,944
At 30 June 2025 6,685
Impairment
At 1 January 2024 187
Disposals (187)
At 30 June 2024, 31 December 2024 and 30 June 2025
-
Net book value
At 30 June 2025 6,685
At 31 December 2024 5,059
At 30 June 2024 4,296
Sunda Energy Plc
Notes to the Interim Financial Information (continued)
10. Performance Guarantee Bond Deposit
The Group has provided a performance guarantee to Autoridade Nacional do
Petróleo ("ANP") in respect of the offshore Timor-Leste TL-SO-19-16
Production Sharing Contract ("PSC"). This performance guarantee is secured by
a bank guarantee given by Banco Nacional de Comercio de Timor Leste (BNCTL)
backed by a cash deposit of US$2 million. BNCTL is wholly-owned by the
Timor-Leste state and the exposure to credit risk is considered immaterial.
In addition, the Group has provided a Parent Company Guarantee to ANP in
respect of the Banda's obligations under the PSC with a maximum exposure of
US$3.2 million.
11. Share Capital and Convertible Loan Notes
On 12 May 2025, the Company issued convertible loan notes ("the Loan Notes")
for an aggregate value of US$1,500,000 (£1,135,000). The Loan Notes carry a
finance charge of 10% of the aggregate value of the issued Loan Notes and can
be converted into Ordinary Shares of 0.025p each at the option of the holder
at any time prior to 22 April 2026. In the event of conversion, the Company
will also grant the holders warrants amounting to the equivalent of 75% of the
value of the Loan Notes to be converted, at a 30% premium to the conversion
price.
On 16 May 2025, holders of the whole of the above-mentioned Loan Notes
exercised their right to convert all of the outstanding balance of their Loan
Notes into Ordinary Shares of 0.025p each in the Company. The conversion price
was calculated at 0.03995p per share resulting in the issue of 3,125,594,493
new Ordinary Shares. In addition, the Company granted in aggregate
1,803,227,592 warrants to the holders of the Loan Notes, with each warrant
entitling the holders to subscribe to one Ordinary Share at an exercise price
of 0.051935p for a period of three years from grant.
12. Financial liability
As noted in note 11 above, warrants were granted following the conversion of
the Loan Notes. This grant of warrants gives rise to a financial liability
under IFRS9 and a liability of £360,000 at fair value was established and
deducted from share premium. In accordance with IFRS9, the liability was
revalued at the close of the period which resulted in a reduction of £252,000
in the fair value, this amount being credited to the Income Statement. At the
date of issue of the warrants and at 30 June 2025, the fair value of the
warrants was determined by reference to a valuation derived using the
Black-Scholes Model.
Sunda Energy Plc
Notes to the Interim Financial Information (continued)
13. Reconciliation of operating loss to net cash outflow from operating
activities
6 months to 6 months to Year to
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Loss for the period (1,130) (910) (2,049)
Depreciation, amortisation and impairment charges 17 18 37
Share-based payments 173 - 40
Gain on revaluation of financial liability (252)
Finance income shown as an investing activity (16) (87) (152)
Non-cash finance cost 114 1 2
Foreign currency translation (gain)/loss (112) 19 9
(Increase)/decrease in receivables (39) (75) 5
(Decrease)/increase in payables (140) 51 431
______ ______ _______
(1,385) (983) (1,677)
═════ ═════ ═════
14. Related party transactions
During the period, SundaGas (Timor-Leste Sahul) Pty. Ltd ("TLS"), a
wholly-owned subsidiary, paid fees amounting to US$100,000 (30 June 2024:
US$165,000, 31 December 2024: US$411,000) to SundaGas Pte. Ltd ("SGPL"), a
company in which Dr. Andrew Butler, a director of the Company, held a
significant interest. At the end of the period, there was a balance payable to
SGPL of nil (30 June 2024: nil; 31 December 2024: US$40,065).
The Company paid fees amounting to £32,500 (30 June 2024: £9,679; 31
December 2024: £42,419) to Javelin Capital Partners LLP, an entity in which
Mr Gerry Aherne, a director, held a significant interest. These fees are
included in directors' remuneration as set out below. At the end of the
period, there was a balance payable to the related party of nil (30 June 2024:
nil; 31 December 2024: £5,417).
The directors' aggregate remuneration, associated benefits and share-based
payments in respect of qualifying services during the period amounted to
£299,000 (30 June 2024: £132,000; 31 December 2024: £327,000).
During the period, payments totalling nil (30 June and 31 December 2024:
£316,000) were made in respect of severance payments to former directors.
During the period, amounts of nil (30 June 2024: nil; 31 December 2024:
£10,661) were advanced to a director. The amount receivable at the end of the
period was £10,661 (June 2024: nil, 31 December 2024: £10,661.).
Sunda Energy Plc
Notes to the Interim Financial Information (continued)
15. Financial Information
The unaudited interim financial information for period ended 30 June 2025 does
not constitute statutory financial statements within the meaning of Section
435 of the Companies Act 2006. The comparative figures for the year ended 31
December 2024 are extracted from the statutory financial statements which have
been filed with the Registrar of Companies and which contain an unqualified
audit report and did not contain statements under Section 498 to 502 of the
Companies Act 2006. The audit report drew attention to the material
uncertainty related to going concern as set out in note 2 above.
Copies of this interim financial information document are available from the
Company at its registered office at 201 Temple Chambers, 3-7 Temple Avenue,
London EC4Y 0DT. The interim financial information document will also be
available on the Company's website www.sundaenergy.com.
Glossary of Technical Terms
Contingent Resources Those quantities of petroleum estimated, as of a given date, to be potentially
recoverable from known accumulations by application of development projects,
but which are not currently considered to be commercially recoverable owing to
one or more contingencies.
Mean or Pmean Reflects an unrisked median or best-case volume estimate of resource derived
using probabilistic methodology. This is the mean of the probability
distribution for the resource estimates and is often not the same as 2U as the
distribution can be skewed by high resource numbers with relatively low
probabilities.
PSC Production Sharing Contract.
Tcf Trillion standard cubic feet of gas
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