Sunda Energy PLC (AIM:SNDA) has signed up a rig for its planned appraisal well at the Chuditch field, offshore Timor-Leste, where drilling is slated for the second quarter of 2025.
It has inked a non-binding Letter of Intent (LOI) with an international drilling contractor, for the use of a jack-up rig.
The agreement lets Sunda advance with the necessary regulatory approvals process, including the preparation of safety and operational documentation.
A final, binding contract will be contingent on regulatory approval.
"Today's news of this Letter of Intent is an important step towards our forthcoming appraisal drilling campaign on the Chuditch Field,” chief executive Dr Andy Butler said in a statement.
“We are pleased to be working with a leading offshore drilling contractor that can provide us with a rig that meets all our required specifications."
Further updates on the Chuditch-2 appraisal well preparations are expected in due course.