THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
9 September 2024
Sunda Energy Plc
("Sunda" or the "Company")
Interim Results for the six months ended 30 June 2024
Sunda Energy Plc (AIM: SNDA), the AIM-quoted exploration and appraisal company focused on gas assets in
Chief Executive's Statement
The first half of 2024 was a period of significant change and progress for the Company, with a change of name, several appointments to the board of directors of the Company (the "Board") and a new strategy focussed solely on
Timor-Leste TL-SO-19-16 PSC ("Chuditch PSC" or "PSC") (Sunda 60% interest)
On 8 February 2024, the Company announced the completion of a Farm-Up Agreement between Sunda's wholly owned subsidiary SundaGas Banda Unipessoal, Lda. ("SundaGas") and TIMOR GAP Chuditch Unipessoal Lda ("TIMOR GAP") in relation to the Chuditch PSC. As part of the Farm-Up arrangements, TIMOR GAP made a cash payment to SundaGas of c.
On 19 June 2024, Contract Year Three of the PSC commenced. This phase of the contract contains a commitment to drill a well to appraise the Chuditch gas discovery, following the successful conclusion of earlier 3D seismic reprocessing works which demonstrated Chuditch to be a field of significant scale, interpreted to be more than 20 km long and 150m in vertical relief, with a Pmean Contingent Resource of 1.16 Tcf of gas.
Throughout the period, operational planning for the drilling of the Chuditch-2 appraisal well continued in earnest. As announced by the Company on 16 April 2024, SundaGas completed a site survey at the planned location of the Chuditch-2 appraisal well. The well will be situated 5.1km from the original Chuditch-1 discovery well in a water depth of approximately 68m. The predicted vertical column height of gas in the Jurassic reservoirs at this location is 149m.
Sunda's experienced in-house drill team have conducted extensive design studies for the Chuditch-2 well construction and planned production flow test (DST). Workshops have been held (and are continuing on a regular basis) with Timor-Leste's National Petroleum Authority ("ANP") and joint venture partner TIMOR GAP. Negotiations to secure the use of a drilling rig are ongoing and progressing well. Regulatory approvals for the procurement, temporary importation and permitting of the drilling rig and all other required equipment and services are ongoing, along with the environmental permitting process. The Company welcomes the strong collaboration with ANP and joint venture partner TIMOR GAP through all the operational planning activities.
Through the period, Sunda has been engaged in discussions with a number of potential funding partners with an interest in participating in the Chuditch PSC project. Post period end, it was announced on 12 August 2024 that these discussions had advanced with a number of parties, and in particular that the Company had entered into an exclusivity agreement (the "Exclusivity Agreement") with Pacific LNG Operations Pte Ltd ("Pacific LNG"), a privately owned Singaporean investment company with significant experience in resource projects in
Offshore
On 31 March 2024, offshore
New Ventures
During the period, the Company had an outstanding application in the
With Sunda's new strategic focus exclusively on
Financial Position
The net loss after finance costs and tax of
In February 2024, the Company raised
Available cash (excluding monies held as security for the Bank Guarantee in Timor-Leste) as at 30 June 2024 was
During June 2024, the Bank Guarantee for the Chuditch PSC was increased from
Changes to Board and Company Name
A number of changes to the Board were effected during the period. On 15 March 2024, Andy Yeo resigned as CEO and Andy Butler was appointed in his place. Andy Yeo ceased to be a director on 1 April 2024. On 22 April, John Wakefield resigned from the Board and Gerry Aherne was appointed as new Independent Non-Executive Chairman. In addition, on that date John Chessher was appointed as an Independent Non-Executive Director. At the end of April, former Technical Director Jon Ford stepped down from the Board and was retained in a part-time consultancy role. After the period, on 12 August 2024, it was announced that Rob Collins had been appointed to the Board, following his earlier engagement as Chief Financial Officer. The Company now has a fully refreshed and strong Board that has deep and broad experience in natural resources, corporate finance and compliance. Information on all current directors is available on the Company's website www.sundaenergy.com.
At the Annual General Meeting on 21 June 2024, it was resolved to change the name of the Company from Baron Oil Plc to Sunda Energy Plc. This name change, announced as effective on 5 July 2024, is reflective of the Company's new strategy to focus exclusively on the
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and Gas Companies, the technical information and resource reporting contained in this announcement has been reviewed by Dr Andy Butler, Fellow of the Geological Society of
Gerry Aherne, Sunda Energy Chairman, commented:
"The Company has made significant change and progress in the reporting period. The change of the Company's name to Sunda Energy reflects our new strategic focus solely on
For further information, please contact:
Sunda Energy Plc +44 (0) 20 7117 2849
Andy Butler, Chief Executive
Rob Collins, Chief Financial Officer
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Joint Broker
Nick Athanas, Nick Harriss, George Payne (Corporate Finance)
Kelly Gardiner, Stefano Aquilino (Sales and Corporate Broking)
Cavendish Capital Markets Limited +44 (0) 131 220 6939 / +44 (0) 207 397 8900
Joint Broker
Neil McDonald, Pearl Kellie (Corporate Finance)
Leif Powis (Sales)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR sunda@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
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Consolidated Income Statement |
||||||
for the six months ended 30 June 2024 |
||||||
|
|
6 months to |
|
6 months to |
|
Year to |
|
|
30 June |
|
30 June |
|
31 December |
|
|
2024 |
|
2023 |
|
2023 |
|
Note |
Unaudited |
|
Unaudited |
|
Audited |
|
|
£'000 |
|
£'000 |
|
£'000 |
Revenue |
|
- |
|
- |
|
- |
Cost of sales |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
Gross profit |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
Exploration and appraisal expenditure |
|
(44) |
|
(93) |
|
(121) |
Intangible asset impairment |
|
- |
|
- |
|
(187) |
Property, plant and equipment depreciation |
|
(18) |
|
(17) |
|
(37) |
Peru closure costs |
|
(3) |
|
|
|
(26) |
Administration expenses |
5 |
(1,207) |
|
(778) |
|
(1,455) |
Recovery of historic costs on farm-out |
|
282 |
|
- |
|
- |
Loss arising on foreign exchange |
|
(6) |
|
(37) |
|
(32) |
|
|
|
|
|
|
|
Operating loss |
6 |
(996) |
|
(925) |
|
(1,858) |
|
|
|
|
|
|
|
Finance cost |
|
(1) |
|
(4) |
|
(6) |
Finance income |
|
87 |
|
82 |
|
152 |
|
|
|
|
|
|
|
Loss on ordinary activities before taxation |
|
(910) |
|
(847) |
|
(1,712) |
|
|
|
|
|
|
|
Income tax expense |
7 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
Loss on ordinary activities after taxation |
|
(910) |
|
(847) |
|
(1,712) |
|
|
|
|
|
|
|
Loss on ordinary activities after taxation is attributable to: |
|
|
|
|
|
|
Equity shareholders |
|
(910) |
|
(847) |
|
(1,712) |
Non-controlling interests |
|
- |
|
- |
|
- |
Loss on ordinary activities after taxation |
|
(910) |
|
(847) |
|
(1,712) |
|
|
|
|
|
|
|
Earnings per share: basic |
8 |
(0.004)p |
|
(0.004)p |
|
(0.009)p |
|
|
|
|
|
|
|
Diluted |
8 |
(0.004)p |
|
(0.004)p |
|
(0.009)p |
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive Income |
||||||
for the six months ended 30 June 2024 |
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|
|
6 months to |
|
6 months to |
|
Year to |
|
|
30 June |
|
30 June |
|
31 December |
|
|
2024 |
|
2023 |
|
2023 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
Loss on ordinary activities after taxation attributable to owners of the parent |
|
(910) |
|
(847) |
|
(1,712) |
|
|
|
|
|
|
|
Other comprehensive income: items which may subsequently be reclassified to profit or loss |
|
|
|
|
|
|
Currency translation differences |
|
35 |
|
(144) |
|
(172) |
Total comprehensive income for the period |
|
(875) |
|
(991) |
|
(1,884) |
|
|
|
|
|
|
|
Total comprehensive income attributable to : |
|
|
|
|
|
|
Owners of the parent company |
|
(875) |
|
(991) |
|
(1,884) |
|
|
|
|
|
|
|
Consolidated Statement of Financial Position |
||||||
at 30 June 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 June |
|
30 June |
|
31 December |
|
|
2024 |
|
2023 |
|
2023 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
Assets |
Note |
£'000 |
|
£'000 |
|
£'000 |
Non-current assets |
|
|
|
|
|
|
Property, plant and equipment |
|
42 |
|
58 |
|
41 |
Exploration and evaluation assets |
9 |
4,296 |
|
3,728 |
|
3,781 |
|
|
|
|
|
|
|
|
|
4,338 |
|
3,786 |
|
3,822 |
Current assets |
|
|
|
|
|
|
Trade and other receivables |
|
166 |
|
117 |
|
91 |
Performance bond guarantee deposit |
10 |
1,582 |
|
790 |
|
786 |
Cash and cash equivalents |
|
4,545 |
|
4,619 |
|
3,760 |
|
|
|
|
|
|
|
|
|
6,293 |
|
5,526 |
|
4,637 |
|
|
|
|
|
|
|
Total assets |
|
10,631 |
|
9,312 |
|
8,459 |
|
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
|
|
Capital and reserves attributable to owners of the parent |
|
|
|
|
|
|
Share capital |
11 |
6,378 |
|
4,746 |
|
4,746 |
Share premium account |
|
40,242 |
|
38,881 |
|
38,881 |
Share option reserve |
|
319 |
|
319 |
|
319 |
Foreign exchange translation reserve |
|
750 |
|
1,591 |
|
715 |
Retained earnings |
|
(37,316) |
|
(36,389) |
|
(36,406) |
Total equity |
|
10,373 |
|
9,148 |
|
8,255 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade and other payables |
|
242 |
|
126 |
|
185 |
Taxes payable |
|
3 |
|
14 |
|
15 |
|
|
|
|
|
|
|
|
|
245 |
|
140 |
|
200 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Lease finance |
|
13 |
|
24 |
|
4 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
10,631 |
|
9,312 |
|
8,459 |
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows |
||||||
for the six months ended 30 June 2024 |
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|
|
6 months to |
|
6 months to |
|
Year to |
|
|
30 June |
|
30 June |
|
31 December |
|
|
2024 |
|
2023 |
|
2023 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
Note |
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
Operating activities |
12 |
(983) |
|
(1,172) |
|
(1,830) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
Interest received |
|
87 |
|
82 |
|
152 |
Performance guarantee bond repaid |
|
796 |
|
- |
|
- |
Performance guarantee bond deposit paid |
|
(1,592) |
|
- |
|
- |
Additions to exploration and evaluation assets |
|
(1,001) |
|
(130) |
|
(381) |
Acquisition of tangible assets |
|
(4) |
|
- |
|
(2) |
Proceeds of farm-out |
|
502 |
|
- |
|
- |
Proceeds on disposal of tangible assets |
|
2 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
(1,210) |
|
(48) |
|
(231) |
Financing activities |
|
|
|
|
|
|
Net proceeds from issue of share capital |
|
2,993 |
|
51 |
|
51 |
Lease financing |
|
(16) |
|
(19) |
|
(37) |
|
|
2,977 |
|
32 |
|
14 |
|
|
|
|
|
|
|
Net cash inflow/(outflow) |
|
784 |
|
(1,188) |
|
(2,047) |
Cash and cash equivalents at the beginning of the period |
|
3,760 |
|
5,807 |
|
5,807 |
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
4,544 |
|
4,619 |
|
3,760 |
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity |
|
|
|
|
|
|
for the six months ended 30 June 2024 |
|
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|
|
Foreign |
|
|
|
Share |
|
Share |
exchange |
|
|
Share |
premium |
Retained |
option |
translation |
Total |
|
capital |
account |
earnings |
reserve |
reserve |
equity |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
|
As at 1 January 2023 |
4,730 |
38,846 |
(34,707) |
332 |
887 |
10,088 |
|
|
|
|
|
|
|
Shares issued |
16 |
35 |
- |
|
- |
51 |
Transactions with owners (net of transaction costs) |
16 |
35 |
- |
- |
- |
51 |
Loss for the pertiod attributable to equity shareholders |
- |
- |
(847) |
- |
- |
(847) |
Share option reserve released |
- |
- |
13 |
(13) |
- |
- |
Foreign exchange translation adjustments |
- |
- |
- |
- |
(144) |
(144) |
Total comprehensive income for the period |
- |
- |
(834) |
(13) |
(144) |
(991) |
|
|
|
|
|
|
|
As at 1 July 2023 |
4,746 |
38,881 |
(35,541) |
319 |
743 |
9,148 |
|
|
|
|
|
|
|
Loss for the period attributable to equity shareholders |
- |
- |
(865) |
- |
- |
(865) |
Foreign exchange translation adjustments |
- |
- |
- |
- |
(28) |
(28) |
Total comprehensive income for the period |
- |
- |
(865) |
0 |
(28) |
(893) |
|
|
|
|
|
|
|
As at 1 January 2024 |
4,746 |
38,881 |
(36,406) |
319 |
715 |
8,255 |
|
|
|
|
|
|
|
Shares issued |
1,632 |
1,632 |
- |
- |
- |
3,264 |
Share issue costs |
- |
(271) |
- |
- |
- |
(271) |
Transactions with owners |
1,632 |
1,361 |
- |
- |
- |
2,993 |
Loss for the period attributable to equity shareholders |
- |
- |
(910) |
- |
- |
(910) |
Foreign exchange translation adjustments |
- |
- |
- |
- |
35 |
35 |
Total comprehensive income for the period |
- |
- |
(910) |
- |
35 |
(875) |
|
|
|
|
|
|
|
As at 30 June 2024 |
6,378 |
40,242 |
(37,316) |
319 |
750 |
10,373 |
|
|
|
|
|
|
|
Notes to the Interim Financial Information
1. General Information
Sunda Energy Plc is a company incorporated in England and Wales and quoted on the AIM Market of the London Stock Exchange. The registered office address is 2 Leman Street, London E1W 9US.
The principal activity of the Group is that of oil and gas exploration and appraisal.
This financial information is a condensed set of financial statements and is prepared in accordance with the requirements of IAS 34 and does not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2023. The financial information for the six months to 30 June 2024 is unaudited and does not comprise statutory financial statements within the meaning of Section 435 of the Companies Act 2006.
Statutory financial statements for the year ended 31 December 2023, prepared under UK-adopted IFRS, were approved by the Board of Directors on 24 May 2024 and delivered to the Registrar of Companies.
2. Basis of Preparation
This consolidated interim financial information has been prepared in accordance with UK adopted International Financial Reporting Standards ("IFRS") and IFRIC interpretations issued by the International Accounting Standards Board (IASB), and on the historical cost basis, using the accounting policies which are consistent with those set out in the Company's Annual Report and Financial Statements for the year ended 31 December 2023. This interim financial information for the six months to 30 June 2024, which complies with IAS 34 'Interim Financial Reporting', was approved by the Board on 6 September 2024.
3. Accounting Policies
The accounting policies applied for the six months to 30 June 2024 are consistent with those of the annual financial statements for the year ended 31 December 2023, as described in those annual financial statements.
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. Estimates and assumptions used in the preparation of the financial statements are continually reviewed and revised as necessary. Whilst every effort is made to ensure that such estimates and assumptions are reasonable, by their nature they are uncertain, and as such, changes in estimates and assumptions may have a material impact in the financial information.
During the period, the Group completed a farm-out transaction of its main exploration asset which resulted in the receipt of funds in respect of back costs, and also contributions to future costs by the farminee. The back costs received in respect of amounts previously capitalised as an exploration asset were credited to the carrying value of the asset on a no gain, no loss basis. Those back costs attributable to administration costs previously expensed are shown as a gain in the Income Statement. Post farm-out cost recoveries from the farminee will be offset against the relevant costs charged to the exploration asset and administration costs as appropriate.
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4. Segmental information |
|
|
|
|
|
|
|
|
United Kingdom |
|
South America |
|
South East Asia |
|
Total |
Six months ended 30 June 2024 |
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Sales to external customers |
- |
|
- |
|
- |
|
- |
Segment revenue |
- |
|
- |
|
- |
|
- |
Results |
|
|
|
|
|
|
|
Segment result |
(807) |
|
(4) |
|
(99) |
|
(910) |
|
|
|
|
|
|
|
|
Total assets less liabilities |
3,566 |
|
(1) |
|
6,808 |
|
10,373 |
|
|
|
|
|
|
|
|
|
United Kingdom |
|
South America |
|
South East Asia |
|
Total |
Six months ended 30 June 2023 |
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Sales to external customers |
- |
|
- |
|
- |
|
- |
Segment revenue |
- |
|
- |
|
- |
|
- |
Results |
|
|
|
|
|
|
|
Segment result |
(522) |
|
(15) |
|
(310) |
|
(847) |
|
|
|
|
|
|
|
|
Total assets less liabilities |
3,889 |
|
2 |
|
5,257 |
|
9,148 |
|
|
|
|
|
|
|
|
|
United Kingdom |
|
South America |
|
South East Asia |
|
Total |
Year ended 31 December 2023 |
£'000 |
|
£'000 |
|
£'000 |
|
£'000 |
Audited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Sales to external customers |
- |
|
- |
|
- |
|
- |
Segment revenue |
- |
|
- |
|
- |
|
- |
Results |
|
|
|
|
|
|
|
Segment result |
(1,036) |
|
(32) |
|
(644) |
|
(1,712) |
|
|
|
|
|
|
|
|
Total assets less liabilities |
3,600 |
|
1 |
|
4,654 |
|
8,255 |
5. Administration expenses |
6 months to |
|
6 months to |
|
Year to |
|
30 June |
|
30 June |
|
31 December |
|
2024 |
|
2023 |
|
2023 |
|
Unaudited |
|
Unaudited |
|
Audited |
|
£'000 |
|
£'000 |
|
£'000 |
Directors' and employee benefit expense |
320 |
|
443 |
|
764 |
Director's severance payment |
299 |
|
- |
|
- |
Legal and professional fees |
420 |
|
242 |
|
509 |
Other expenses |
168 |
|
93 |
|
182 |
|
|
|
|
|
|
|
1,207 |
|
778 |
|
1,455 |
|
|
|
|
|
|
|
|
|
|
|
|
6. Operating loss |
|
|
|
|
|
|
6 months to |
|
6 months to |
|
Year to |
|
30 June |
|
30 June |
|
31 December |
|
2024 |
|
2023 |
|
2023 |
|
Unaudited |
|
Unaudited |
|
Audited |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
The loss on ordinary activities before taxation includes: |
|
|
|
|
|
|
|
|
|
|
|
Exploration and appraisal expenditure |
44 |
|
93 |
|
121 |
Impairment of intangible assets |
- |
|
- |
|
187 |
Depreciation of property, plant and equipment |
18 |
|
17 |
|
37 |
Recovery of historic costs on farm-out |
(282) |
|
- |
|
- |
(Profit)/Loss on exchange |
6 |
|
37 |
|
32 |
|
═════ |
|
═════ |
|
═════ |
|
|
|
|
|
|
7. Income tax expense |
|
|
|
There was no tax expense during the period (30 June and 31 December 2023: nil). |
|
|
|
|
|
|
|
|
|
|
8. Earnings/(loss) per Share |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
6 months to |
|
6 months to |
|
Year to |
|
|
30 June |
|
30 June |
|
31 December |
|
|
2024 |
|
2023 |
|
2023 |
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
|
Pence |
|
Pence |
|
Pence |
Earnings/(loss) per ordinary share |
|
|
|
|
|
|
Basic |
|
(0.004) |
|
(0.004) |
|
(0.009) |
Diluted |
|
(0.004) |
|
(0.004) |
|
(0.009) |
|
|
═════ |
|
═════ |
|
═════ |
|
|
|
|
|
|
|
The earnings/(loss) per ordinary share is based on the Group's loss for the period of |
|
|
|
|
|
|||||||
9. Intangible fixed assets |
|
|
|
|
|||||||
|
|
|
|
Exploration and evaluation assets |
|||||||
|
|
|
|
£'000 |
|||||||
Group |
|
|
|
|
|||||||
Cost |
|
|
|
|
|||||||
At 1 January 2023 |
|
|
|
3,696 |
|||||||
Foreign exchange translation adjustment |
|
|
(109) |
||||||||
Additions |
|
|
|
381 |
|||||||
Disposals |
|
|
|
0 |
|||||||
At 1 January 2024 |
|
|
|
3,968 |
|||||||
Foreign exchange translation adjustment |
|
|
16 |
||||||||
Additions |
|
|
|
1,001 |
|||||||
Disposals |
|
|
|
(689) |
|||||||
At 30 June 2024 |
|
|
|
4,296 |
|||||||
|
|
|
|
|
|||||||
Impairment |
|
|
|
|
|||||||
At 1 January 2023 |
|
|
|
- |
|||||||
Charge for the period |
|
|
|
187 |
|||||||
At 1 January and 31 December 2023 |
|
|
187 |
||||||||
Disposals |
|
|
|
(187) |
|||||||
At 30 June 2024 |
|
|
|
- |
|||||||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
Net book value |
|
|
|
|
|||||||
At 30 June 2024 |
|
|
|
4,296 |
|||||||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
At 31 December 2023 |
|
|
|
3,781 |
|||||||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
10. Performance Guarantee Bond Deposit |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||
The Company's wholly-owned subsidiary, SundaGas Banda Unipessoal, Lda ("Banda"), has provided a performance guarantee to Autoridade Nacional do Petróleo ("ANP") in respect of the offshore Timor-Leste TL-SO-19-16 Production Sharing Contract ("PSC"). This performance guarantee is secured by a bank guarantee given by Banco Nacional de Comercio de Timor Leste (BNCTL) backed by a cash deposit of |
|
||||||||||
In addition, the Company has provided a Parent Company Guarantee to ANP in respect of the Banda's obligations under the PSC. |
|
||||||||||
|
|
|
|
|
|
|
|
||||
11. Share Capital |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||
On 29 February 2024, the Company issued 6,528,023,360 Ordinary Shares of 0.025p each at 0.05p per share, yielding net proceeds after costs of |
|
||||||||||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
12. Reconciliation of operating loss to net cash outflow from operating activities |
|
||||||||||
|
|
|
|
|
|
|
|
||||
|
|
6 months to |
|
6 months to |
|
Year to |
|
||||
|
|
30 June |
|
30 June |
|
31 December |
|
||||
|
|
2024 |
|
2023 |
|
2023 |
|
||||
|
|
Unaudited |
|
Unaudited |
|
Audited |
|
||||
|
|
£'000 |
|
£'000 |
|
£'000 |
|
||||
Profit/(loss) for the period |
|
(910) |
|
(847) |
|
(1,712) |
|
||||
Depreciation, amortisation and impairment charges |
|
18 |
|
17 |
|
224 |
|
||||
Finance income shown as an investing activity |
|
(87) |
|
(82) |
|
(152) |
|
||||
Interest on lease liability |
|
1 |
|
4 |
|
6 |
|
||||
Foreign currency translation |
|
19 |
|
(6) |
|
(20) |
|
||||
(Increase)/decrease in receivables |
|
(75) |
|
(16) |
|
10 |
|
||||
Increase/(decrease) in payables |
|
51 |
|
(242) |
|
(186) |
|
||||
|
|
______ |
|
______ |
|
_______ |
|
||||
|
|
(983) |
|
(1,172) |
|
(1,830) |
|
||||
|
|
═════ |
|
═════ |
|
═════ |
|
||||
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
13. Related party transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period, SundaGas (Timor-Leste Sahul) Pty. Ltd ("TLS"), a wholly-owned subsidiary, paid fees amounting to |
||||||
|
|
|
|
|
|
|
The directors' aggregate remuneration and associated benefits in respect of qualifying services during the period amounted to |
||||||
|
|
|
|
|
|
|
During the period, payments totalling |
||||||
|
|
|
|
|
|
|
During the period, key management personnel subscribed for new ordinary shares of |
||||||
|
|
|
|
|
|
|
Dr Andrew Butler |
|
64,000,000 shares |
|
|
||
Andrew Yeo (resigned 31 March 2024) |
|
12,000,000 shares |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14. Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
The unaudited interim financial information for period ended 30 June 2024 does not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 December 2023 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified audit report and did not contain statements under Section 498 to 502 of the Companies Act 2006. |
||||||
Copies of this interim financial information document are available from the Company at its registered office at 2 Leman Street, London E1W 9US. The interim financial information document will also be available on the Company's website www.sundaenergy.com. |
Glossary of Technical Terms
Contingent Resources |
Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies. |
|
Mean or Pmean |
Reflects an unrisked median or best-case volume estimate of resource derived using probabilistic methodology. This is the mean of the probability distribution for the resource estimates and is often not the same as 2U as the distribution can be skewed by high resource numbers with relatively low probabilities. |
|
PSC |
Production Sharing Contract. |
|
Tcf |
Trillion standard cubic feet of gas |
|
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