Sunda Energy reaches milestone with $9m of new investment to advance Chuditch gas project

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14d ago 7:37

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Sunda Energy PLC CEO Andy Butler talked with Proactive's Stephen Gunnion about the company’s latest funding announcement and what it means for the Chuditch gas project. The interview outlined Sunda Energy's transition from uncertainty to a secure funding position that will support the upcoming drilling of the Chuditch field. Butler highlighted the significance of securing a 30% working interest in what he described as a "very material piece of a large gas field." Key engineering studies confirmed the project's potential, projecting production of approximately 300 million cubic feet of gas per day, equivalent to 50 million barrels of oil. Butler emphasised the alignment with government partner TIMOR GAP and the urgency to move forward: “We want to do it now.” A $9 million convertible loan note facility from three institutional investors was discussed in depth. The funding is structured to support growth, not maintenance, and contains anti-shorting provisions designed to mitigate common concerns associated with such instruments. Butler addressed these concerns directly: “We see it as an instrument that fuels our growth rather than creates any toxicity.” The convertible facility, subject to shareholder approval at a general meeting on May 12, will be released in six monthly tranches starting mid-May. Butler also confirmed drilling is scheduled for late July due to rig scheduling and that preparations, including environmental permitting and rig contracting are progressing quickly. For more interviews and updates from the resource and energy sector, visit Proactive’s YouTube channel. Don’t forget to like this video, subscribe to the channel, and hit the notification bell so you never miss an update. #SundaEnergy #ChuditchField #NaturalGas #EnergyInvestment #TimorLesteGas #OilAndGas #ConvertibleLoan #EnergyProjects #DrillingUpdate #InstitutionalFunding

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