Sunda Vitality indicators MOU for Timor-Leste gasoline venture

LONDON – Sunda Vitality Plc (AIM: SNDA) has signed a Memorandum of Understanding (MOU) with the Timor-Leste Ministry of Petroleum and Mineral Assets (MPMR) and TIMOR GAP E.P., the state-owned power firm of Timor-Leste, to discover the potential growth of the Chuditch PSC gasoline sources. This collaboration goals to fast-track the analysis of a gasoline growth idea that features pipeline export to the Bayu Undan discipline and deliberate LNG services on Timor-Leste’s south coast.

The MOU outlines a joint dedication to expedite the event of Chuditch gasoline contingent on the profitable drilling of the Chuditch-2 appraisal effectively, scheduled for the second quarter of 2025. Engineering and industrial research are already underway to evaluate the feasibility of this growth, which might see gasoline from the Chuditch discipline transmitted to an LNG facility anticipated to be situated within the Natarbora district.

Sunda Vitality, which holds a 60% stake and operates the Chuditch PSC in partnership with TIMOR GAP Chuditch Unipessoal Lda, is about to ship gasoline at an agreed manufacturing fee and period, topic to profitable appraisal drilling and circulation testing. In return, MPMR and its associates have agreed to facilitate the event of obligatory infrastructure and buy the gasoline from the Chuditch discipline, aiding within the financing of its growth. Nevertheless, these commitments are non-binding and hinge on the optimistic outcomes of the upcoming appraisal drilling and subsequent binding agreements.

Dr. Andy Butler, CEO of Sunda Vitality, emphasised the efficient collaboration with the Timorese authorities and expressed optimism in regards to the joint growth idea, which may result in vital revenues for Timor-Leste and concerned stakeholders.

The Chuditch PSC, situated off the coast of Timor-Leste, was initially found by Shell (LON:SHEL) in 1998. Sunda Vitality, after reprocessing 3D seismic information and conducting technical research, reported on February 27, 2023, that the sphere comprises vital contingent and potential gasoline sources. The upcoming Chuditch-2 effectively goals to substantiate the industrial viability of the gasoline column predicted to be round 150 meters thick.

The knowledge for this report is predicated on a press launch assertion.

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