Sunda Energy, the AIM-quoted exploration and appraisal company focused on gas assets in Southeast Asia, has announced its audited financial results for the year ended 31 December 2024.
Operational Highlights for 2024
- Farm-in completed with TIMOR GAP, increasing their working interest from 25% to 40%, resulting in TIMOR GAP being responsible for 20% of PSC costs.
- Memorandum of Understanding signed with MPRM and TIMOR GAP, setting the framework for joint evaluation of a development concept for gas resources on Chuditch.
- Application for two offshore licence areas in the Philippines, which sit in an area that the Sunda team knows well and where there is potential for vast energy resources.
- UK Licence P2478 relinquished with all commitments having been fulfilled.
Post-period end developments
- Entered into further farm-in agreement with TIMOR GAP, assigning them an additional 30% working interest resulting in their interest increasing to 70% on completion. Expected to close in June 2025.
- Completed an Environmental Baseline Survey in the area of the planned Chuditch well, with results integrated into the Environmental Impact Statement and the Environmental Management Plan.
Financial Highlights for 2024
- Cash Reserves at 31 December 2024 were £3.20m (31 December 2023: £3.76m).
- Loss after taxation of £2.05m (2023: £1.71m).
- Completed a Placing, Subscription and WRAP Retail Offer of new ordinary shares at 0.05p to raise £3.26 million (gross) in February 2024.
Post-period end developments
- Issuance of convertible loan notes to three institutional investors raising up to US$9.0 million to fund Sunda's share of the PSC costs.
Commenting on the results, Gerry Aherne, Non-Executive Chairman, said:
'2024 was a year of tremendous change for the Company. With significant changes to the Board, management and direction, it made sense to change the name. Sunda Energy Plc is now a company truly focused on SE Asia, and in particular gas projects in that region. The Company has built on its exciting and valuable asset in Timor-Leste, putting together a highly experienced operating team and evaluating a pipeline of material new venture opportunities across the region.
'I extend my thanks to all stakeholders of the Company, including my fellow directors, our dedicated and hard-working employees and consultants, and our Timorese joint venture and government partners, for their strong support of the Company's efforts.'
Source: Sunda Energy
