IN BRIEF: Sunda Energy stock falls on Chuditch PSC termination notice
Sunda Energy PLC - Southeast Asia-focused gas resource company - Subsidiary SundaGas Banda Unipessoal Lda receives a letter from Timor-Leste upstream regulator Autoridade Nacional do Petroleo, giving notice that it intends to terminate the TL-SO-19-16 production sharing contract. SundaGas operates the PSC with government-owned joint venture partner TIMOR GAP Chuditch Unipessoal Lda, and it contains the Chuditch gas field, where SundaGas has been preparing to drill the Chuditch-2 appraisal well. The regulator claims SundaGas is in breach of the PSC, having failed to fulfil its minimum exploration work requirements for contract year 3 of the PSC. These included drilling the Chuditch-2 well by Thursday, June 18. Sunda says SundaGas has until October 16 to submit written representations to ANP before the latter makes a final decision. Read More