Sunda Energy, the AIM-quoted company focused on gas in Southeast Asia, has been awarded non-operated interests in two Petroleum Service Contracts for offshore licence areas in the 1st Conventional Energy Bid Round of the Bangsamoro Autonomous Region of Muslim Mindanao ('BARMM') in the Philippines. The successful licence awards are a direct result of the joint applications submitted by the bid group composed of Triangle Energy (Global), Sunda Energy, PXP Energy Corporation and The Philodrill Corporation, as set out in the Company's announcement of 28 August 2024 in connection with the licence round application.
Highlights:
- Sunda has been awarded a 37.5% working interest in two licence blocks in the south-west part of the Sulu Sea, offshore Philippines.
- SC-80 (formerly PDA-BP-2) has estimated combined 1C Contingent Gas Resources of 1811-2212 Bcf, 2C Contingent Gas Resources of 4701-5742 Bcf and 3C Contingent Gas Resources of 1,3171-2,5042 Bcf.
- SC-80 (formerly PDA-BP-2) has estimated Pmean Prospective Gas Resources of 10,0882 Bcf.
- SC-81 (formerly PDA-BP-3) prospective trend is covered by several 3D seismic surveys with a number of seismic anomaly-supported prospects and leads.
- Commitment work programmes in the first two-year sub-phase of the Service Contracts consist of 2D and 3D seismic reprocessing and associated geological studies.
- Favourable fiscal terms across both blocks.
- Sunda's team has extensive knowledge of the fields and the jurisdiction.
- New assets diversify Sunda's asset base, whilst offering potential for value creation via possible farmout and carried high impact drilling, with limited upfront investment.
Service Contracts SC-80 and SC-81 have been awarded with the following working interests: Triangle 37.5%; Sunda 37.5%; PXP 12.5%; Philodrill 12.5%.
Triangle has been nominated as operator, working in close liaison with Sunda, PXP and Philodrill.
Dr Andy Butler, Chief Executive Officer, commented:
'We are delighted to have been awarded these two Service Contracts and extend our thanks to the Philippines and Bangsamoro authorities. These assets offer Sunda the potential to uncover high impact appraisal and exploration targets which should be of interest to major E&P players.
'We're excited to return to an area that the Sunda team knows well and where the potential for vast energy resources is undoubted. We look forward to working closely with Triangle and our other joint venture partners as we leverage the extensive data set that exists to set about unlocking that potential quickly and at relatively low cost.'
Click here for full announcement with additional technical info
Source: Sunda Energy
