RE: 15th June new deadline29 May 2025 14:31
I. The contract for a drilling rig has been negotiated and approval to sign this contract was received from ANP on 26 May 2025. Execution is now pending the provision by a Timor-Leste entity of a proposal that is acceptable to the joint venture partners for helicopter support services on which the drilling campaign is dependent.
Following receipt and acceptance of this proposal by the joint venture partners, based on a review of all relevant operational and safety aspects, the rig contract should be ready to be signed.
It is expected by the Company that this should occur during early June 2025.
ii. All resolutions at a general meeting of the Company on 12 May 2025 were passed, as announced on that day, and hence this Condition Precedent has been fulfilled.
iii. Approval by ANP is pending the fulfilment of the first two Conditions Precedent. SundaGas has held several meetings with ANP and expects approval of the Farm-in Agreement to follow in a short number of days once the rig contract has been signed.