Sunda Energy PLC (AIM:SNDA) said it has submitted applications for two offshore licence areas in the Philippines where several gas discoveries have been made and where it sees "significant" upside potential.
The applications have been made in a joint venture partnership with three other companies that would give the AIM-listed company a potential 37.5% non-operated interest.
Sunda said it aims to evaluate the potential upside of the licences are awarded and it expects any ensuing service contracts to have modest initial work programmes.
It has been screening new business opportunities in the region, looking for material gas ventures with low costs of entry as part of its refined strategy since the early summer.
The applications are in the first conventional energy bid round of the Philippines' Bangsamoro Autonomous Region of Muslim Mindanao.
"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," said chief executive Andy Butler.
"I'm pleased that we are proving able to quickly execute on this strategy. This Philippines initiative focuses 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."