Sunda Energy PLC (AIM:SNDA, FRA:GHA0) said 2025 was a year of transition as the company worked to recover momentum at its Chuditch project in Timor-Leste while broadening its portfolio across the Asia-Pacific region.
The AIM-listed oil and gas explorer reported a loss after tax of £2.84 million for the year to 31 December 2025, compared with £2.05 million in 2024. Cash reserves stood at £0.33 million at year-end, down from £3.17 million a year earlier, with the company generating no revenue during the period.
Operationally, the key setback was the postponement of the planned Chuditch-2 appraisal well, which had been expected to commence in 2025. Sunda said the delay followed the absence of helicopter services in Timor-Leste that met the necessary operational and safety standards, as well as the non-approval of alternative international providers.
Since the year-end, Sunda has secured an Environmental Licence for Chuditch-2 and signed a letter of intent with Finder TIMOR-LESTE B.V. to work together on securing a drilling rig for their offshore Timor-Leste campaigns.
The company also highlighted progress in its wider portfolio strategy, including the award of a 37.5% working interest in two licence blocks in the Philippines and the conditional acquisition of Matahio Energy NZ Limited, which would bring around 1,000 barrels of oil equivalent per day of New Zealand production.
Chairman Gerry Aherne said Sunda had faced “tremendous headwinds” in 2025 but had also entered “a period of transition” whose benefits were beginning to emerge in 2026.
Completion of the Matahio NZ acquisition is expected during the third quarter of 2026, subject to New Zealand government approval for the change of control.