REG - Sunda Energy PLC - Philippines Licence Round Application

Sunda EnergyAnnouncement

28/08/2024 07:01

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RNS Number : 8724B  Sunda Energy PLC  28 August 2024

28 August 2024

Sunda Energy Plc

("Sunda" or "Sunda Energy" or the "Company")

 

Philippines Licence Round Application

 

Sunda Energy Plc (AIM: SNDA) is pleased to announce that, in line with its
refined strategy to focus on gas in Southeast Asia, it has submitted
applications for two offshore licence areas in the Philippines which contain
several material gas discoveries and significant upside potential.

 

As highlighted in the Company's announcement of 12 August 2024, Sunda has been
actively screening new business opportunities in Southeast Asia. These include
a number of possible new ventures where significant interests in material gas
assets with low costs of entry may be accessed. One of these initiatives has
resulted in the licence round applications being made in the 1st Conventional
Energy Bid Round of the Bangsamoro Autonomous Region of Muslim Mindanao
("BARMM") in the Philippines. These applications have been made in a joint
venture partnership with three other companies and, if successful, Sunda
expects to hold a 37.5% non-operated interest in any resulting service
contracts that are awarded. The application areas are offshore and contain
several material gas discoveries and significant upside potential which the
Company hopes to evaluate following award if successful. It is expected than
any resulting service contracts will have modest initial work programmes.

 

There is no guarantee that the applications made will result in award of new
assets to Sunda Energy, nor is there certainty of the timing of any potential
awards. Further information will be announced as appropriate and when
available to the Company.

 

Dr Andy Butler, Chief Executive Officer, commented:

"Whilst the Company remains strongly focussed on its upcoming appraisal
activities on the Chuditch field in Timor-Leste, Sunda is also actively
pursuing a business development strategy to target assets of similar
materiality and in line with the Company's goal of building a substantial
energy business in the SE Asia region. I'm pleased that we are proving able to
quickly execute on this strategy. This Philippines initiative focusses on an
area where the Sunda team has considerable prior experience, and I believe
that this can add significant early value to Sunda if it is successful."

 

 

For further information, please
contact:

Sunda Energy Plc
               +44 (0) 20 7117 2849

Andy Butler, Chief Executive

Rob Collins, Chief Financial Officer

 

Allenby Capital
Limited
               +44 (0) 20 3328 5656

Nominated Adviser and Joint Broker

Nick Athanas, Nick Harriss, George Payne (Corporate Finance)

Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)

 

Cavendish Capital Markets
Limited                           +44 (0) 131 220
6939 / +44 (0) 207 397 8900

Joint Broker

Neil McDonald, Pearl Kellie (Corporate Finance)

Leif Powis (Sales)

 

IFC Advisory
Limited
 +44 (0) 20 3934 6630

Financial PR and IR
             sunda@investor-focus.co.uk

Tim Metcalfe, Florence Chandler

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