9th Sep 2024 14:44
(Alliance News) - Sunda Energy PLC on Monday reported that its loss in the first half widened as the company continues to make progress with development activity.
The Southeast Asia-focused gas resource company said pretax loss stood at GBP910,000 in the first half that ended June 30 widening from GBP847,000 the previous year.
The company continues to generate no revenue.
Sunda Energy shares were up 11% at 0.077 pence each in London on Monday afternoon.
Administrative expenses increased 55% to GBP1.2 million from GBP778,000 and the company gained GBP282,000 from the historic costs on farm-out.
On February 8, the company completed the farm-up agreement between its wholly owned subsidiary and Timor Gap Chuditch Unipessoal Lda, in relation to the Chuditch production sharing agreement in which Sunda holds a 60% interest.
Sunda also raised GBP3.0 million net that month from the issue of new shares and subsequently had an available cash position of GBP4.5 million on June 30, down 1.6% from GBP4.6 million a year prior.
Chair Gerry Aherne said: "We are primarily focused on our upcoming appraisal activities on the Chuditch field in Timor-Leste and are currently progressing funding arrangements to enable the drilling of the Chuditch-2 appraisal well. At the same time, we are actively pursuing a business development strategy to target assets of similar materiality, in line with the company's goal of building a substantial energy business in the Southeast Asian region."
By Elijah Dale, Alliance News reporter
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