Sunda Energy PLC (AIM:SNDA) told investors it is topping up short-term working capital, with a combined equity fundraising of up to £470,000 through a board-led subscription and a new WRAP Retail Offer.
The AIM-quoted company is raising £240,000 from directors and senior management, issuing new shares priced at 0.025p, and targeting up to £230,000 from retail investors on the same terms.
Proceeds will support general working capital and project development, including preparations for the Chuditch-2 well in Timor-Leste, and early-stage work on two recently awarded offshore licences in the Philippines.
“The fundraising announced today addresses short-term working capital requirements whilst we deliver on these projects and initiatives,” said chief executive Dr Andy Butler.
"I believe we're on the cusp of exciting times, with the Chuditch project getting back on track with government support and renewed investor interest, with the award of two highly prospective non-operated assets in the Philippines and with the pursuit of material new ventures," he added.
The WRAP Retail Offer is open to UK investors until 16 October, with the admission of all new shares to trading on AIM expected on 21 October.
"The retail offer with accompanying warrants is intended as a means for both the Company's long-term supportive shareholders and prospective new retail shareholders to participate if they choose to in a reinvigorated Sunda Energy," Butler said.