Sunda Energy PLC (AIM:SNDA) has expanded its footprint in Southeast Asia, landing new high-impact exploration and appraisal assets in the Philippines.
The AIM-quoted explorer told investors it has been awarded 37.5% working interests in two offshore exploration blocks, via the first Conventional Energy Bid Round in the country's Bangsamoro Autonomous Region.
"These assets offer Sunda the potential to uncover high-impact appraisal and exploration targets which should be of interest to major E&P players," chief executive Dr Andy Butler said.
"We're excited to return to an area that the Sunda team knows well and where the potential for vast energy resources is undoubted."
Blocks, SC-80 and SC-81, lie in the Sulu Sea and include known gas discoveries and several untested prospects, Sunda highlighted.
It noted that the acreage has previously been estimated to host 2C Contingent Resources in the range of 470 to 574 billion cubic feet of gas, and 1.3 to 2.5 trillion cubic feet of 3C contingent resources; meanwhile, prospective resources were previously estimated to potentially exceed 10 trillion cubic feet.
Sunda's tenure comprises an initial two-year work programme with early-stage exploration obligations such as the reprocessing of existing 2D and 3D seismic data and geological studies.
With 37.5% of the blocks, Sunda will be working alongside partners Triangle Energy (ASX:TEG), also holding 37.5%, PXP Energy and Philodrill Corporation, which will each own 12.5%.
Butler added: "We look forward to working closely with Triangle and our other joint venture partners as we leverage the extensive data set that exists to set about unlocking that potential quickly and at relatively low cost."
In London, Sunda shares gained around 5% to trade at 0.025p.