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Sunda Energy PLC - Southeast Asia-focused gas resource company - Secures 12-month extension of the third year of the TL-SO-19-16 production sharing contract, now expiring on June 18 next year. Notes that the extension is conditional on ‘best endeavours’ being made to drill the Chuditch-2 hill appraisal well within 2025 and on the extension of a bank guarantee to cover the new period. Chief Executive Andy Butler says: ‘This extension is encouraging news, giving the company the time it needs to put in place the requirements for the revised schedule for the Chuditch-2 appraisal well, which we will endeavour to drill as quickly as possible, noting that this is likely to be in H1 2026.’
Current stock price: 0.029 pence, closed up 11% on Tuesday in London
12-month change: down 72%
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