We initiate on Sunda Energy (AIM: SNDA) with a risked NAV of 0.26p/sh, offering 220% upside to the current share price. Sunda is a Southeast Asian-focused gas E&P company leveraging high-growth markets, a de-risked asset base and a clear pathway to value creation. Sunda’s flagship asset is a ~27.5% stake in the Chuditch gas field, Timor-Leste, a significant discovery made by Shell in 1998. Recent reprocessing of 3D seismic has enhanced understanding of the reservoir, revealing a contingent resou ....
