Allenby Capital - Sunda Energy update

Sunda Energy plc (SNDA.L) continues to make progress in its preparations for drilling an appraisal well at its world class Chuditch project offshore Timor-Leste. Drilling, however, now appears likely in Q2 2025 rather than early 2025 as thought possible previously. The delay reflects overruns by operators of the preferred rig. In other respects, well planning and procurement appear to be running largely to schedule. Financing for the Chuditch-2 well has yet to be concluded but negotiations with Sunda’s joint-venture partner, privately owned Singapore-based Pacific LNG Operations Pte Ltd, are at an advanced stage. We would expect a definitive agreement to be reached with Pacific LNG possibly by end 2024, if the Q2 2025 spudding date is to...