28th Aug 2024 13:50
(Alliance News) - Sunda Energy PLC on Wednesday said it submitted applications for two offshore licences to expand its Asia portfolio as part of a joint venture.
The South East Asia-focused oil & gas exploration company, formerly known as Baron Oil PLC, said it has submitted applications for two offshore licence areas in the Philippines possessing material gas discoveries with "significant upside potential".
It comes after an announcement earlier in August that Sunda would pursue new ventures where significant interests in material gas assets with low costs of entry may be accessed.
The latest licence applications have been made in the 1st Conventional Energy Bid Round of the Bangsamoro Autonomous Region of Muslim Mindanao in the Philippines.
These applications by Sunda were submitted in a joint venture partnership with three other undisclosed companies.
If successful Sunda expects to hold a 37.5% non-operated interest in any resulting service contracts that are awarded.
Chief Executive Officer Andy Butler said: "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."
Sunda Energy shares were down 7.7% at 0.065 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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