Sunda eyes gas assets in SE Asia with licence applications in Philippines

London-listed Sunda Energy, in line with its strategy to focus on gas in Southeast Asia, has submitted applications for two offshore licence areas in the Philippines, which contain several gas discoveries and "significant upside potential," the company announced on August 28.

Earlier this month, Sunda Energy revealed that it has been actively exploring new business opportunities in Southeast Asia, including ventures with significant interests in gas assets. One such initiative led to the company’s participation in the 1st Conventional Energy Bid Round of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) in the Philippines.

The licence applications have been made in a joint venture partnership with three other companies. If successful, Sunda expects to hold a 37.5% non-operated interest in any resulting service contracts awarded.

“While the company remains strongly focused on its upcoming appraisal activities on the Chuditch field in Timor-Leste, Sunda is also actively pursuing a business development strategy to target assets of similar materiality, in line with our goal of building a substantial energy business in the Southeast Asia region,” said CEO Andy Butler.

Sunda Energy, formerly known as Baron Oil, recently signed an exclusivity agreement with Singapore-based investment firm Pacific LNG Operations to explore a potential strategic investment in the Chuditch field.