Sunda Energy plc (SNDA.L) has made a momentous announcement concerning its world class Chuditch gas project, offshore Timor-Leste. Financing for the c. $35m Chuditch-2 appraisal well has been secured, a major achievement by a junior in the current circumstances. This has been achieved by a farm-out to Timor Gap, the Timor-Leste National Oil Company (NOC) and the issue of $9m convertible loan notes (CLNs) to three international institutional investors. Sunda Energy retains a significant 30% inter ....
