Sunda Energy plc has applied for two offshore licence areas in the Philippines containing “several material gas discoveries and significant upside potential”.
STRATEGY
The applications were made in a joint venture partnership with three other companies.
If successful, the company expects to hold a 37.5% non-operated interest in any service contracts awarded.
The applications were made in the first conventional energy bid round of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).
Chief executive Dr Andy Butler added: “Whilst the company remains strongly focussed on its upcoming appraisal activities on the Chuditch field in Timor-Leste, Sunda is also actively pursuing a business development strategy to target assets of similar materiality and in line with the company’s goal of building a substantial energy business in the SE Asia region.
“I’m pleased that we are proving able to quickly execute on this strategy.
“This Philippines initiative focusses on an area where the Sunda team has considerable prior experience, and I believe that this can add significant early value to Sunda if it is successful.”