Sunda Energy plc expects the spud date to defer to the second quarter of 2025 for the Chuditch-2 appraisal well offshore Timor Leste.
RIG
The company, which had targeted early 2025 subject to financing, continues to advance funding for the TL-SO-19-16 production sharing contract with Pacific LNG.
Preparations for drilling continue with negotiations for its preferred rig reaching an “advanced stage”.
The company said that the global market for jack-up drilling rigs had started to ease with prices falling and more rigs becoming available.
Slippage in the drilling schedule would be from overrunning drilling activities of other operators using the preferred rig.
Progress has also been made with all key long lead drilling equipment as contracts near completion.
Other work includes continuation of extensive geological and engineering studies while an environmental baseline survey is scheduled for Q4 2024, subject to vessel availability.
“We are pleased with the continued progress being made at our Chuditch PSC project as we move towards drilling Chuditch-2,” added chief executive Dr Andy Butler.
“We remain confident that our ongoing discussions with Pacific LNG, combined with our strong government relationships in Timor-Leste, will enable us to deliver on the project’s significant potential.”
PHILIPPINES
For its new ventures, Sunda expects the outcome in Q4 2024 of its application for two Philippines licences, PDA-BP-2 and PDA-BP-3, in the Sulu Sea.
The company said that one block contained “several material gas discoveries” while the overall fairway held “exciting upside potential”.
The applications are part of a joint venture consortium in which Sunda has a 37.5% non-operated interest.
The JV was the sole bidder for the application blocks.
Sunda continues to review other possible new opportunities with low-cost entry to material gas opportunities in the region.