MANILA: Sunda Energy Plc (AIM: SNDA), a Southeast Asia-focused gas company, said Wednesday it has been awarded non-operated interests in two offshore petroleum service contracts in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM), following the region’s 1st Conventional Energy Bid Round.
The contracts, SC-80 and SC-81, cover licence blocks in the southwest Sulu Sea. Sunda holds a 37.5% working interest in both blocks, alongside Triangle Energy (Global) Ltd. (ASX: TEG), which will operate the assets, and joint venture partners PXP Energy Corp. (PSE: PXP) and The Philodrill Corp. (PSE.OV), each with 12.5%.
SC-80, formerly PDA-BP-2, contains estimated 1C to 3C contingent gas resources ranging from 1,811 to 25,042 billion cubic feet (Bcf), and a Pmean prospective resource of 10,088 Bcf. SC-81, previously PDA-BP-3, includes multiple seismic anomaly-supported prospects identified through extensive 3D seismic surveys.
Initial work commitments for both blocks include 2D and 3D seismic reprocessing and geological studies over a two-year sub-phase. Sunda said the fiscal terms are favorable and the assets offer potential for high-impact drilling with limited upfront investment.
“We are delighted to have been awarded these two Service Contracts,” said CEO Dr. Andy Butler. “These assets offer Sunda the potential to uncover high-impact appraisal and exploration targets which should be of interest to major E&P players.”
The company added that its team has deep regional expertise and that the new assets will diversify its portfolio.