13th Aug 2025 20:27
(Alliance News) - Sunda Energy PLC shares rose on Wednesday as it reported progress on its ventures in Timor-Leste and the Philippines.
Shares in the Southeast Asia-focused gas resource company closed up 1.2% at 0.026 pence each in London on Wednesday.
Sunda said discussions with Timor-Leste authorities regarding the resumption of drilling at Chuditch-2 well have been "constructive and positive".
Drilling was postponed in June by wholly owned subsidiary SundaGas Banda Unipessoal Lda. It expects drilling to resume in the first half of 2026.
"Despite the setback of the drilling postponement, the team is fully engaged, and we look forward to significant progress in the coming months," said Chief Executive Officer Andy Butler.
"We are committed to providing further information on our progress in Timor-Leste and with other new business initiatives, including through interviews and investor events, as soon as we are able to do so," CEO Butler added.
Further, Sunda is currently reviewing a revised proposal from the Timor-Leste helicopter company to support planned offshore drilling operations at Chuditch.
The company has also engaged with a number of rig operators in preparation for the resumption of drilling.
Regarding its request for an environmental permit, SundaGas has received a formal response recommending changes to its Environmental Impact Statement and Environmental Management Plan from Timor-Leste's evaluation committee, made up of the National Petroleum Authority and other stakeholders.
The company expects to submit updated drafts of the EIS and EMP in September.
In the Philippines, Sunda's expects applications for two offshore blocks in the Sulu Sea to be signed in the near future, following meetings of its joint venture operator and Philippines partners with authorities in early August.
Lastly, Sunda said it is actively engaged in pursuing a number of "potentially material", "highly impactful" new business initiatives.
The company will provide further details at the appropriate time pending successful discussions.
By Aidan Lane, Alliance News reporter
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