16th Jun 2025 11:53
Southeast Asia-focused gas asset exploration and appraisal firm - Announces that the planned Chuditch-2 appraisal well is now expected to be drilled in the first half of 2026. The well, on the Chuditch field in the TL-SO-19-16 production sharing contract, had been planned for drilling by Sunda's wholly-owned Timor-Leste subsidiary, SundaGas, in the second half of 2025. Sunda says the delay is due to the absence of certain essential logistical services, leaving it unable to execute a definitive, agreed form rig contract. Says the joint venture partners have already applied for a 12-month extension of the PSC's current phase. Both SundaGas and its state-owned JV partner have agreed to terminate the farm-in agreement signed in April, but have agreed to discuss other partnering arrangements, "including a potential revised farm-in on substantially the same terms". "While this temporary delay is frustrating, the significant value to Sunda and its shareholders remains," Chief Executive Officer Andy Butler says. "We are...already working to establish a plan for timely drilling in 2026...building on the extensive preparations that have been carried out to date." For the Chuditch-2 well, the final environmental permit is expected to be issued during the third quarter of 2025. Read More
