RE: Mega RNS - MOU with Gov!12 Dec 2024 08:49
Background to the Chuditch PSC
Sunda is the 60% licence holder and operator of the Chuditch PSC, in partnership with TIMOR GAP Chuditch Unipessoal Lda, a wholly owned subsidiary of TIMOR GAP. The PSC contains the Chuditch gas field, discovered by Shell with the Chuditch-1 well in 1998. Following completion by Sunda of extensive 3D seismic reprocessing and associated technical studies, the Company announced on 27 February 2023 the publication of a Competent Person's Report which concluded that the Chuditch PSC holds Pmean Contingent Gas Resources of 1.16 Tcf in the Chuditch field and a further 1.65 Tcf of low-risk Pmean Prospective Gas Resources in adjacent exploration prospects. The Chuditch joint venture plans to drill an appraisal well (Chuditch-2) in Q2 2025, at a location more than 5 km from the Chuditch-1 discovery well and where it predicts a vertical gas column of around 150m. A key objective of the drilling is to conduct a DST to demonstrate commercial viability of the field. Preparations for the drilling of the Chuditch-2 well are ongoing including arrangements for Sunda's funding. Further details of the project can be found at the Company's website, www.sundaenergy.com.