Sunda Energy PLC (AIM:SNDA) highlighted progress through what was a period of significant change, as it reported on the six months ended 30 June.
Specifically, the company highlighted the progress in its gas exploration activities in Timor-Leste where it holds a 40% interest in the Chuditch Production Sharing Contract (PSC).
Operational planning for the Chuditch-2 appraisal well, designed to evaluate the significant gas resources in the area, is well underway.
Sunda completed a site survey, and the well, located 5.1 km from the original Chuditch-1 discovery, is expected to target an estimated Pmean Contingent Resource of 1.16 trillion cubic feet (Tcf) of gas.
The company is in discussions with potential funding partners for the Chuditch PSC project.
It has signed an exclusivity agreement with Pacific LNG Operations Pte Ltd, a Singapore-based company with experience in resource projects in the Asia-Pacific region.
These discussions are ongoing.
In terms of financials, the pre-revenue firm reported a net loss of £910,000 for the period, compared to a loss of £847,000 for the same period in 2023.
It raised £2.99 million net from a share issue in February 2024 and reported cash reserves of £4.54 million at the end of June.