IN BRIEF: Sunda Energy stock falls on Chuditch PSC termination notice

Sunda Energy PLC - Southeast Asia-focused gas resource company - Subsidiary SundaGas Banda Unipessoal Lda receives a letter from Timor-Leste upstream regulator Autoridade Nacional do Petroleo, giving notice that it intends to terminate the TL-SO-19-16 production sharing contract. SundaGas operates the PSC with government-owned joint venture partner TIMOR GAP Chuditch Unipessoal Lda, and it contains the Chuditch gas field, where SundaGas has been preparing to drill the Chuditch-2 appraisal well. The regulator claims SundaGas is in breach of the PSC, having failed to fulfil its minimum exploration work requirements for contract year 3 of the PSC. These included drilling the Chuditch-2 well by Thursday, June 18. Sunda says SundaGas has until October 16 to submit written representations to ANP before the latter makes a final decision.

Sunda says it disputes the basis of, and background to, the notice, and is in consultation with its regulatory and legal advisers. Adds that SundaGas has requested an urgent meeting with ANP for clarifications.

Current stock price: 1.39 pence, down 35% on Friday afternoon in London

12-month change: down 47%

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