RE: RE: The Final Countdown5 Dec 2023 10:10
All work programme commitments to date have been fulfilled, which has led to a detailed understanding of the PSC Contract Area, its resource potential, and the selection of a "Chuditch-2" appraisal well location.
The extension of the term of PSC Contract Year Two of the initial exploration period was requested to allow SundaGas sufficient time during the subsequent Contract Year Three period to schedule drilling operations in a timely manner. The extension itself does not impact our continuing preparations for the planned Chuditch-2 appraisal well, which is expected to be drilled towards the end of 2024. Furthermore, it allows time to advance the funding plans for Chuditch-2, where we continue to make good progress with our discussions with a number of potential funding partners.
Arrangements are being made to submit to ANP in a timely manner a replacement for the existing US$1 million Bank Guarantee provided to ANP with one for the same amount to cover the extension period.