Business
Operational & Corporate Update, Board Appointment
Operational & Corporate Update, Board Appointment.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310\n \n12 August 2024\nSunda Energy Plc\n(\"Sunda\" or \"Sunda Energy\" or the \"Company\")\n \nOperational and Corporate Update\nBoard Appointment\n \nSunda Energy Plc (AIM: SNDA) is pleased to provide an update on its operational and funding planning with respect to the TL-SO-19-16 Production Sharing Contract (the \"Chuditch PSC\") in Timor-Leste. The Company is also pleased to announce the appointment of Rob Collins to the Board of Directors with immediate effect.\n \nUpdates Relating to Chuditch PSC:\n \nDrill Funding\nAs previously announced, Sunda has been engaged in discussions with a number of potential funding partners with an interest in participating in the Chuditch PSC project. As a result of these discussions, the Company has entered into an exclusivity agreement (the \"Exclusivity Agreement\") with a privately-owned Singapore investment company (the \"Investor\"). The Investor, Pacific LNG Operations Pte Ltd, has a track record of value creation in resource projects in Asia-Pacific. The Exclusivity Agreement enables a period of mutual due diligence relating to a potential strategic investment into the Chuditch PSC project that would fund the planned Chuditch field appraisal well. It is anticipated that such investment, should it occur, would be through an equity issuance in a Sunda subsidiary company and not at the Sunda Energy plc level.\n \nThe Exclusivity Agreement contains carve-outs for several other potential funding partners (the \"Other Parties\"), some of whose involvement may be complementary in supporting the Chuditch PSC project, not only through the appraisal well but also in future development of the gas in the Chuditch PSC asset. Discussions with the Other Parties continue during the period of the Exclusivity Agreement.\n \nThere can be no guarantee that a definitive agreement in relation to the Investor or the Other Parties will be entered into, nor can there be any guarantee on the terms, structure or timing of any potential investment from either the Investor or the Other Parties.\n \nOperational Preparations\nAs announced on 19 June 2024, the Company entered into Year 3 of the Chuditch PSC on that date. Since that t...