THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
9 September 2024
Sunda Energy
Plc
("Sunda" or the
"Company")
Interim Results for the six
months ended 30 June 2024
Sunda Energy Plc (AIM: SNDA), the
AIM-quoted exploration and appraisal company focused on gas assets
in Southeast Asia, is pleased to announce its unaudited interim
results for the six months ended 30 June 2024.
Chief
Executive's Statement
The first half of 2024 was a period of
significant change and progress for the Company, with a change of
name, several appointments to the board of directors of the Company
(the "Board") and a new strategy focussed solely on Southeast Asia.
Key highlights from the period are described below:
Timor-Leste
TL-SO-19-16 PSC ("Chuditch PSC" or "PSC") (Sunda 60%
interest)
On 8 February 2024, the Company announced the
completion of a Farm-Up Agreement between Sunda's wholly owned
subsidiary SundaGas Banda Unipessoal, Lda. ("SundaGas") and TIMOR
GAP Chuditch Unipessoal Lda ("TIMOR GAP") in relation to the
Chuditch PSC. As part of the Farm-Up arrangements, TIMOR GAP made a
cash payment to SundaGas of c.US$1 million to cover back costs.
SundaGas retains operatorship of the Chuditch PSC and holds a 60%
working interest. TIMOR GAP has a 40% interest, made up of a
working interest of 15%, plus its original 25% interest which is
carried to first gas. From completion of the Farm-Up Agreement,
TIMOR GAP is responsible for paying 20% of all costs in relation to
the PSC, including the drilling of the planned Chuditch-2 appraisal
well.
On 19 June 2024, Contract Year Three of the PSC
commenced. This phase of the contract contains a commitment to
drill a well to appraise the Chuditch gas discovery, following the
successful conclusion of earlier 3D seismic reprocessing works
which demonstrated Chuditch to be a field of significant scale,
interpreted to be more than 20 km long and 150m in vertical relief,
with a Pmean Contingent Resource of 1.16 Tcf of gas.
Throughout the period, operational planning for
the drilling of the Chuditch-2 appraisal well continued in earnest.
As announced by the Company on 16 April 2024, SundaGas
completed a site survey at the planned location of the Chuditch-2
appraisal well. The well will be situated 5.1km from the original
Chuditch-1 discovery well in a water depth of approximately 68m.
The predicted vertical column height of gas in the Jurassic
reservoirs at this location is 149m.
Sunda's experienced in-house drill team have
conducted extensive design studies for the Chuditch-2 well
construction and planned production flow test (DST). Workshops have
been held (and are continuing on a regular basis) with
Timor-Leste's National Petroleum Authority ("ANP") and joint
venture partner TIMOR GAP. Negotiations to secure the use of a
drilling rig are ongoing and progressing well. Regulatory approvals
for the procurement, temporary importation and permitting of the
drilling rig and all other required equipment and services are
ongoing, along with the environmental permitting process. The
Company welcomes the strong collaboration with ANP and joint
venture partner TIMOR GAP through all the operational planning
activities.
Through the period, Sunda has been engaged in
discussions with a number of potential funding partners with an
interest in participating in the Chuditch PSC project. Post
period end, it was announced on 12 August 2024 that these
discussions had advanced with a number of parties, and in
particular that the Company had entered into an exclusivity
agreement (the "Exclusivity Agreement") with Pacific LNG Operations
Pte Ltd ("Pacific LNG"), a privately owned Singaporean investment
company with significant experience in resource projects in
Asia-Pacific. The Exclusivity Agreement contains carve-outs for
several other potential funding partners (the "Other Parties").
Discussions with Pacific LNG and the Other Parties are ongoing, but
there can be no guarantee that a definitive funding agreement will
be entered into with any party, nor can there be any guarantee on
the terms, structure or timing of any potential
investment.
Offshore UK
Licence P2478 (Dunrobin)
On 31 March 2024, offshore UK Licence P2478 was
surrendered to the UK North Sea Transition Authority ("NSTA"),
following delays to the acquisition of 3D seismic data that had
been stipulated in the terms of an extension to Phase A of the
licence. The delays largely resulted from the continuous wind farm
construction activities in the area. The Company had held a 32%
non-operated interest in the licence. All of Sunda's commitments on
the licence had been fulfilled and a relinquishment report was
submitted.
New
Ventures
During the period, the Company had an
outstanding application in the United Kingdom offshore 33rd Round
of licensing, conducted by the NSTA. On 7 May 2024, the Company
announced that it had been informed by the NSTA that its
application had been unsuccessful. This marked the end of the
Company's involvement in the UK sector, with all new venture
activities subsequently focussed on the Southeast Asia
region.
With Sunda's new strategic focus exclusively on
Southeast Asia, the Company began actively screening new business
opportunities in the region, targeting opportunities to secure
significant interests in material gas assets with low costs of
entry. Post period end on 28 August 2024, Sunda announced
that, it had submitted two applications in the 1st Conventional
Energy Bid Round of the Bangsamoro Autonomous Region of Muslim
Mindanao ("BARMM") in the Philippines, as a non-operating joint
venture partner. If successful, Sunda expects to hold a 37.5%
non-operated interest in any resulting service contracts that are
awarded, with announcements on the award expected during Q4 2024.
Several other opportunities are being actively evaluated, albeit
the Company remains strongly focussed on its upcoming appraisal
activities in Timor-Leste.
Financial
Position
The net loss after finance costs and tax of
£910,000 (30 June 2023: net loss of £847,000; year to 31 December
2023: net loss of £1,712,000), represented a loss of 0.004p per
share (30 June 2023: 0.004p; year to 31 December 2023:
0.009p).
In February 2024, the Company raised £2,993,000
net (£3,264,000
gross) from the issue of new share capital by way of a
Placing, Subscription and WRAP Retail Offer.
Available cash (excluding monies held as
security for the Bank Guarantee in Timor-Leste) as at 30 June 2024
was £4,545,000 (30 June 2023: £4,619,000; 31 December 2023:
£3,760,000).
During June 2024, the Bank Guarantee for the
Chuditch PSC was increased from US$1.0 million to US$2.5 million
(net US$2.0 million) as the Company prepared to enter Contract Year
3 of the PSC, with its increased work commitments. The new Bank
Guarantee was issued by Banco
Nacional de Comércio de Timor-Leste ("BNCTL"), a bank wholly
owned by the government of Timor-Leste. The use of BNCTL is part of
the Company's commitment to maximising local content inside
Timor-Leste, but also indicative of its objective to broaden its
business partnerships in-country.
Changes to
Board and Company Name
A number of changes to the Board were effected
during the period. On 15 March 2024, Andy Yeo resigned as CEO and
Andy Butler was appointed in his place. Andy Yeo ceased to be a
director on 1 April 2024. On 22 April, John Wakefield resigned from
the Board and Gerry Aherne was appointed as new Independent
Non-Executive Chairman. In addition, on that date John Chessher was
appointed as an Independent Non-Executive Director. At the end of
April, former Technical Director Jon Ford stepped down from the
Board and was retained in a part-time consultancy role. After the
period, on 12 August 2024, it was announced that Rob Collins had
been appointed to the Board, following his earlier engagement as
Chief Financial Officer. The Company now has a fully refreshed and
strong Board that has deep and broad experience in natural
resources, corporate finance and compliance. Information on all
current directors is available on the Company's website www.sundaenergy.com.
At the Annual General Meeting on 21 June 2024,
it was resolved to change the name of the Company from Baron Oil
Plc to Sunda Energy Plc. This name change, announced as effective
on 5 July 2024, is reflective of the Company's new strategy to
focus exclusively on the Southeast Asia region, particularly on gas
assets and opportunities.
Qualified
Person's Statement
Pursuant to the requirements of the AIM Rules -
Note for Mining and Oil and Gas Companies, the technical
information and resource reporting contained in this announcement
has been reviewed by Dr Andy Butler, Fellow of the Geological
Society of London and member of the Society of Petroleum Engineers.
Dr Butler has more than 28 years' experience as a petroleum
geologist. He has compiled, read and approved the technical
disclosure in this regulatory announcement and indicated where it
does not comply with the Society of Petroleum Engineers'
standard.
Gerry Aherne,
Sunda Energy Chairman, commented:
"The Company
has made significant change and progress in the reporting period.
The change of the Company's name to Sunda Energy reflects our new
strategic focus solely on Southeast Asia and this strategy is being
implemented by a refreshed Board with a deep and broad experience
in natural resources and corporate finance. We are primarily
focused on our upcoming appraisal activities on the Chuditch field
in Timor-Leste and are currently progressing funding arrangements
to enable the drilling of the Chuditch-2 appraisal well. At
the same time, we are actively pursuing a business development
strategy to target assets of similar materiality, in line with the
Company's goal of building a substantial energy business in the
Southeast Asian region. I look forward to providing further
updates as we progress."
For further
information, please
contact:
Sunda Energy
Plc
+44 (0) 20 7117 2849
Andy Butler, Chief
Executive
Rob Collins, Chief Financial Officer
Allenby
Capital
Limited
+44 (0) 20 3328 5656
Nominated Adviser and Joint
Broker
Nick Athanas, Nick Harriss, George Payne
(Corporate Finance)
Kelly Gardiner, Stefano Aquilino (Sales and
Corporate Broking)
Cavendish
Capital Markets
Limited
+44 (0) 131 220 6939 / +44 (0) 207 397 8900
Joint
Broker
Neil McDonald, Pearl Kellie (Corporate
Finance)
Leif Powis (Sales)
IFC Advisory
Limited
+44 (0) 20 3934 6630
Financial PR and
IR
sunda@investor-focus.co.uk
Tim Metcalfe, Florence Chandler
|
|
|
|
|
|
|
|
|
Consolidated
Income Statement
|
|
for the six
months ended 30 June 2024
|
|
|
|
6 months
to
|
|
6 months
to
|
|
Year to
|
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
Note
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
Revenue
|
|
-
|
|
-
|
|
-
|
|
Cost of sales
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Exploration and appraisal
expenditure
|
|
(44)
|
|
(93)
|
|
(121)
|
|
Intangible asset impairment
|
|
-
|
|
-
|
|
(187)
|
|
Property, plant and equipment
depreciation
|
|
(18)
|
|
(17)
|
|
(37)
|
|
Peru closure costs
|
|
(3)
|
|
|
|
(26)
|
|
Administration expenses
|
5
|
(1,207)
|
|
(778)
|
|
(1,455)
|
|
Recovery of historic costs on
farm-out
|
|
282
|
|
-
|
|
-
|
|
Loss arising on foreign exchange
|
|
(6)
|
|
(37)
|
|
(32)
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
6
|
(996)
|
|
(925)
|
|
(1,858)
|
|
|
|
|
|
|
|
|
|
Finance cost
|
|
(1)
|
|
(4)
|
|
(6)
|
|
Finance income
|
|
87
|
|
82
|
|
152
|
|
|
|
|
|
|
|
|
|
Loss on
ordinary activities before taxation
|
|
(910)
|
|
(847)
|
|
(1,712)
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
7
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Loss on
ordinary activities after taxation
|
|
(910)
|
|
(847)
|
|
(1,712)
|
|
|
|
|
|
|
|
|
|
Loss on ordinary activities after taxation is
attributable to:
|
|
|
|
|
|
|
|
Equity shareholders
|
|
(910)
|
|
(847)
|
|
(1,712)
|
|
Non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
Loss on
ordinary activities after taxation
|
|
(910)
|
|
(847)
|
|
(1,712)
|
|
|
|
|
|
|
|
|
|
Earnings per share: basic
|
8
|
(0.004)p
|
|
(0.004)p
|
|
(0.009)p
|
|
|
|
|
|
|
|
|
|
Diluted
|
8
|
(0.004)p
|
|
(0.004)p
|
|
(0.009)p
|
|
|
|
|
|
|
|
|
|
Consolidated
Statement of Comprehensive Income
|
|
for the six
months ended 30 June 2024
|
|
|
|
6 months
to
|
|
6 months
to
|
|
Year to
|
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
Loss on
ordinary activities after taxation attributable to owners of the
parent
|
|
(910)
|
|
(847)
|
|
(1,712)
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income: items which may subsequently be reclassified
to profit or loss
|
|
|
|
|
|
|
|
Currency translation
differences
|
|
35
|
|
(144)
|
|
(172)
|
|
Total comprehensive income for the period
|
|
(875)
|
|
(991)
|
|
(1,884)
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to :
|
|
|
|
|
|
|
|
Owners of the parent company
|
|
(875)
|
|
(991)
|
|
(1,884)
|
|
|
|
|
|
|
|
|
|
Consolidated
Statement of Financial Position
|
|
at 30 June
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
Assets
|
Note
|
£'000
|
|
£'000
|
|
£'000
|
|
Non-current assets
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
42
|
|
58
|
|
41
|
|
Exploration and evaluation assets
|
9
|
4,296
|
|
3,728
|
|
3,781
|
|
|
|
|
|
|
|
|
|
|
|
4,338
|
|
3,786
|
|
3,822
|
|
Current assets
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
166
|
|
117
|
|
91
|
|
Performance bond guarantee deposit
|
10
|
1,582
|
|
790
|
|
786
|
|
Cash and cash equivalents
|
|
4,545
|
|
4,619
|
|
3,760
|
|
|
|
|
|
|
|
|
|
|
|
6,293
|
|
5,526
|
|
4,637
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
10,631
|
|
9,312
|
|
8,459
|
|
|
|
|
|
|
|
|
|
Equity and
liabilities
|
|
|
|
|
|
|
|
Capital and reserves attributable to
owners of the parent
|
|
|
|
|
|
|
|
Share capital
|
11
|
6,378
|
|
4,746
|
|
4,746
|
|
Share premium account
|
|
40,242
|
|
38,881
|
|
38,881
|
|
Share option reserve
|
|
319
|
|
319
|
|
319
|
|
Foreign exchange translation reserve
|
|
750
|
|
1,591
|
|
715
|
|
Retained earnings
|
|
(37,316)
|
|
(36,389)
|
|
(36,406)
|
|
Total
equity
|
|
10,373
|
|
9,148
|
|
8,255
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Trade and other payables
|
|
242
|
|
126
|
|
185
|
|
Taxes payable
|
|
3
|
|
14
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
245
|
|
140
|
|
200
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
Lease finance
|
|
13
|
|
24
|
|
4
|
|
|
|
|
|
|
|
|
|
Total equity
and liabilities
|
|
10,631
|
|
9,312
|
|
8,459
|
|
|
|
|
|
|
|
|
|
Consolidated
Statement of Cash Flows
|
|
for the six
months ended 30 June 2024
|
|
|
|
6 months
to
|
|
6 months
to
|
|
Year to
|
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
Note
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
12
|
(983)
|
|
(1,172)
|
|
(1,830)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
|
Interest received
|
|
87
|
|
82
|
|
152
|
|
Performance guarantee bond repaid
|
|
796
|
|
-
|
|
-
|
|
Performance guarantee bond deposit
paid
|
|
(1,592)
|
|
-
|
|
-
|
|
Additions to exploration and evaluation
assets
|
|
(1,001)
|
|
(130)
|
|
(381)
|
|
Acquisition of tangible assets
|
|
(4)
|
|
-
|
|
(2)
|
|
Proceeds of farm-out
|
|
502
|
|
-
|
|
-
|
|
Proceeds on disposal of tangible
assets
|
|
2
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
(1,210)
|
|
(48)
|
|
(231)
|
|
Financing
activities
|
|
|
|
|
|
|
|
Net proceeds from issue of share
capital
|
|
2,993
|
|
51
|
|
51
|
|
Lease financing
|
|
(16)
|
|
(19)
|
|
(37)
|
|
|
|
2,977
|
|
32
|
|
14
|
|
|
|
|
|
|
|
|
|
Net cash
inflow/(outflow)
|
|
784
|
|
(1,188)
|
|
(2,047)
|
|
Cash and cash equivalents at the beginning of
the period
|
|
3,760
|
|
5,807
|
|
5,807
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
|
4,544
|
|
4,619
|
|
3,760
|
|
|
|
|
|
|
|
|
|
Consolidated
Statement of Changes in Equity
|
|
|
|
|
|
|
|
for the six
months ended 30 June 2024
|
|
|
|
|
Foreign
|
|
|
|
|
Share
|
|
Share
|
exchange
|
|
|
|
Share
|
premium
|
Retained
|
option
|
translation
|
Total
|
|
|
capital
|
account
|
earnings
|
reserve
|
reserve
|
equity
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
|
As at 1
January 2023
|
4,730
|
38,846
|
(34,707)
|
332
|
887
|
10,088
|
|
|
|
|
|
|
|
|
|
Shares issued
|
16
|
35
|
-
|
|
-
|
51
|
|
Transactions with owners (net of transaction
costs)
|
16
|
35
|
-
|
-
|
-
|
51
|
|
Loss for the pertiod attributable to equity
shareholders
|
-
|
-
|
(847)
|
-
|
-
|
(847)
|
|
Share option reserve released
|
-
|
-
|
13
|
(13)
|
-
|
-
|
|
Foreign exchange translation
adjustments
|
-
|
-
|
-
|
-
|
(144)
|
(144)
|
|
Total comprehensive income for the
period
|
-
|
-
|
(834)
|
(13)
|
(144)
|
(991)
|
|
|
|
|
|
|
|
|
|
As at 1 July
2023
|
4,746
|
38,881
|
(35,541)
|
319
|
743
|
9,148
|
|
|
|
|
|
|
|
|
|
Loss for the period attributable to equity
shareholders
|
-
|
-
|
(865)
|
-
|
-
|
(865)
|
|
Foreign exchange translation
adjustments
|
-
|
-
|
-
|
-
|
(28)
|
(28)
|
|
Total comprehensive income for the
period
|
-
|
-
|
(865)
|
0
|
(28)
|
(893)
|
|
|
|
|
|
|
|
|
|
As at 1
January 2024
|
4,746
|
38,881
|
(36,406)
|
319
|
715
|
8,255
|
|
|
|
|
|
|
|
|
|
Shares issued
|
1,632
|
1,632
|
-
|
-
|
-
|
3,264
|
|
Share issue costs
|
-
|
(271)
|
-
|
-
|
-
|
(271)
|
|
Transactions with owners
|
1,632
|
1,361
|
-
|
-
|
-
|
2,993
|
|
Loss for the period attributable to equity
shareholders
|
-
|
-
|
(910)
|
-
|
-
|
(910)
|
|
Foreign exchange translation
adjustments
|
-
|
-
|
-
|
-
|
35
|
35
|
|
Total comprehensive income for the
period
|
-
|
-
|
(910)
|
-
|
35
|
(875)
|
|
|
|
|
|
|
|
|
|
As at 30 June
2024
|
6,378
|
40,242
|
(37,316)
|
319
|
750
|
10,373
|
|
|
|
|
|
|
|
|
Notes to the
Interim Financial Information
1.
General Information
Sunda Energy Plc is a company incorporated in
England and Wales and quoted on the AIM Market of the London Stock
Exchange. The registered office address is 2 Leman Street, London
E1W 9US.
The principal activity of the Group is that of
oil and gas exploration and appraisal.
This financial information is a condensed set
of financial statements and is prepared in accordance with the
requirements of IAS 34 and does not include all the information and
disclosures required in annual financial statements and should be
read in conjunction with the Group's annual financial statements
for the year ended 31 December 2023. The financial information for
the six months to 30 June 2024 is unaudited and does not comprise
statutory financial statements within the meaning of Section 435 of
the Companies Act 2006.
Statutory financial statements for the year
ended 31 December 2023, prepared under UK-adopted IFRS, were
approved by the Board of Directors on 24 May 2024 and delivered to
the Registrar of Companies.
2.
Basis of Preparation
This consolidated interim financial information
has been prepared in accordance with UK adopted International
Financial Reporting Standards ("IFRS") and IFRIC interpretations
issued by the International Accounting Standards Board (IASB), and
on the historical cost basis, using the accounting policies which
are consistent with those set out in the Company's Annual Report
and Financial Statements for the year ended 31 December 2023. This
interim financial information for the six months to 30 June 2024,
which complies with IAS 34 'Interim Financial Reporting', was
approved by the Board on 6 September 2024.
3.
Accounting Policies
The accounting policies applied for the six
months to 30 June 2024 are consistent with those of the annual
financial statements for the year ended 31 December 2023, as
described in those annual financial statements.
The preparation of financial statements
requires management to make estimates and assumptions that affect
the amounts reported for assets and liabilities as at the balance
sheet date and the amounts reported for revenues and expenses
during the period. The nature of estimation means that actual
outcomes could differ from those estimates. Estimates and
assumptions used in the preparation of the financial statements are
continually reviewed and revised as necessary. Whilst every effort
is made to ensure that such estimates and assumptions are
reasonable, by their nature they are uncertain, and as such,
changes in estimates and assumptions may have a material impact in
the financial information.
During the period, the Group completed a
farm-out transaction of its main exploration asset which resulted
in the receipt of funds in respect of back costs, and also
contributions to future costs by the farminee. The back costs
received in respect of amounts previously capitalised as an
exploration asset were credited to the carrying value of the asset
on a no gain, no loss basis. Those back costs attributable to
administration costs previously expensed are shown as a gain in the
Income Statement. Post farm-out cost recoveries from the farminee
will be offset against the relevant costs charged to the
exploration asset and administration costs as
appropriate.
|
|
|
|
|
|
|
|
|
|
4. Segmental
information
|
|
|
|
|
|
|
|
|
|
United
Kingdom
|
|
South
America
|
|
South East
Asia
|
|
Total
|
|
Six months
ended 30 June 2024
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Sales to external customers
|
-
|
|
-
|
|
-
|
|
-
|
|
Segment revenue
|
-
|
|
-
|
|
-
|
|
-
|
|
Results
|
|
|
|
|
|
|
|
|
Segment result
|
(807)
|
|
(4)
|
|
(99)
|
|
(910)
|
|
|
|
|
|
|
|
|
|
|
Total assets less liabilities
|
3,566
|
|
(1)
|
|
6,808
|
|
10,373
|
|
|
|
|
|
|
|
|
|
|
|
United
Kingdom
|
|
South
America
|
|
South East
Asia
|
|
Total
|
|
Six months
ended 30 June 2023
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Sales to external customers
|
-
|
|
-
|
|
-
|
|
-
|
|
Segment revenue
|
-
|
|
-
|
|
-
|
|
-
|
|
Results
|
|
|
|
|
|
|
|
|
Segment result
|
(522)
|
|
(15)
|
|
(310)
|
|
(847)
|
|
|
|
|
|
|
|
|
|
|
Total assets less liabilities
|
3,889
|
|
2
|
|
5,257
|
|
9,148
|
|
|
|
|
|
|
|
|
|
|
|
United
Kingdom
|
|
South
America
|
|
South East
Asia
|
|
Total
|
|
Year ended 31
December 2023
|
£'000
|
|
£'000
|
|
£'000
|
|
£'000
|
|
Audited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Sales to external customers
|
-
|
|
-
|
|
-
|
|
-
|
|
Segment revenue
|
-
|
|
-
|
|
-
|
|
-
|
|
Results
|
|
|
|
|
|
|
|
|
Segment result
|
(1,036)
|
|
(32)
|
|
(644)
|
|
(1,712)
|
|
|
|
|
|
|
|
|
|
|
Total assets less liabilities
|
3,600
|
|
1
|
|
4,654
|
|
8,255
|
|
5.
Administration expenses
|
6 months
to
|
|
6 months
to
|
|
Year to
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
Directors' and employee benefit
expense
|
320
|
|
443
|
|
764
|
|
Director's severance payment
|
299
|
|
-
|
|
-
|
|
Legal and professional fees
|
420
|
|
242
|
|
509
|
|
Other expenses
|
168
|
|
93
|
|
182
|
|
|
|
|
|
|
|
|
|
1,207
|
|
778
|
|
1,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Operating
loss
|
|
|
|
|
|
|
|
6 months
to
|
|
6 months
to
|
|
Year to
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
|
|
|
|
|
|
The loss on ordinary activities before taxation
includes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and appraisal
expenditure
|
44
|
|
93
|
|
121
|
|
Impairment of intangible assets
|
-
|
|
-
|
|
187
|
|
Depreciation of property, plant and
equipment
|
18
|
|
17
|
|
37
|
|
Recovery of historic costs on
farm-out
|
(282)
|
|
-
|
|
-
|
|
(Profit)/Loss on exchange
|
6
|
|
37
|
|
32
|
|
|
═════
|
|
═════
|
|
═════
|
|
|
|
|
|
|
|
|
7. Income tax
expense
|
|
|
|
|
|
There was no tax expense during the period (30
June and 31 December 2023: nil).
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Earnings/(loss) per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 months
to
|
|
6 months
to
|
|
Year to
|
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
Pence
|
|
Pence
|
|
Pence
|
|
Earnings/(loss) per ordinary share
|
|
|
|
|
|
|
|
Basic
|
|
(0.004)
|
|
(0.004)
|
|
(0.009)
|
|
Diluted
|
|
(0.004)
|
|
(0.004)
|
|
(0.009)
|
|
|
|
═════
|
|
═════
|
|
═════
|
|
|
|
|
|
|
|
|
|
The earnings/(loss) per ordinary share is based
on the Group's loss for the period of £910,000 (30 June 2023:
£847,000; 31 December 2021: £1,712,000) and a weighted average
number of shares in issue of 23,394,556,435 (30 June 2023:
18,964,459,32; 31 December 2023: 18,973,685,086).
|
|
|
|
|
|
|
|
9. Intangible
fixed assets
|
|
|
|
|
|
|
|
|
|
Exploration and evaluation
assets
|
|
|
|
|
|
£'000
|
|
Group
|
|
|
|
|
|
Cost
|
|
|
|
|
|
At 1 January 2023
|
|
|
|
3,696
|
|
Foreign exchange translation
adjustment
|
|
|
(109)
|
|
Additions
|
|
|
|
381
|
|
Disposals
|
|
|
|
0
|
|
At 1 January 2024
|
|
|
|
3,968
|
|
Foreign exchange translation
adjustment
|
|
|
16
|
|
Additions
|
|
|
|
1,001
|
|
Disposals
|
|
|
|
(689)
|
|
At 30 June 2024
|
|
|
|
4,296
|
|
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
At 1 January 2023
|
|
|
|
-
|
|
Charge for the period
|
|
|
|
187
|
|
At 1 January and 31 December 2023
|
|
|
187
|
|
Disposals
|
|
|
|
(187)
|
|
At 30 June 2024
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book
value
|
|
|
|
|
|
At 30 June 2024
|
|
|
|
4,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2023
|
|
|
|
3,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.
Performance Guarantee Bond Deposit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company's wholly-owned
subsidiary, SundaGas Banda Unipessoal, Lda ("Banda"), has provided
a performance guarantee to Autoridade Nacional do Petróleo ("ANP")
in respect of the offshore Timor-Leste TL-SO-19-16 Production
Sharing Contract ("PSC"). This performance guarantee is secured by
a bank guarantee given by Banco Nacional de Comercio de Timor Leste
(BNCTL) backed by a cash deposit of US$2 million. BNCTL is
wholly-owned by the Timor-Leste state and the exposure to credit
risk is considered low.
|
|
|
In addition, the Company has
provided a Parent Company Guarantee to ANP in respect of the
Banda's obligations under the PSC.
|
|
|
|
|
|
|
|
|
|
|
|
11. Share
Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On 29 February 2024, the Company issued
6,528,023,360 Ordinary Shares of 0.025p each at 0.05p per share,
yielding net proceeds after costs of £2,993,000.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.
Reconciliation of operating loss to net cash outflow from operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 months
to
|
|
6 months
to
|
|
Year to
|
|
|
|
|
30 June
|
|
30 June
|
|
31
December
|
|
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
£'000
|
|
£'000
|
|
£'000
|
|
|
Profit/(loss) for the period
|
|
(910)
|
|
(847)
|
|
(1,712)
|
|
|
Depreciation, amortisation and impairment
charges
|
|
18
|
|
17
|
|
224
|
|
|
Finance income shown as an investing
activity
|
|
(87)
|
|
(82)
|
|
(152)
|
|
|
Interest on lease liability
|
|
1
|
|
4
|
|
6
|
|
|
Foreign currency translation
|
|
19
|
|
(6)
|
|
(20)
|
|
|
(Increase)/decrease in receivables
|
|
(75)
|
|
(16)
|
|
10
|
|
|
Increase/(decrease) in payables
|
|
51
|
|
(242)
|
|
(186)
|
|
|
|
|
______
|
|
______
|
|
_______
|
|
|
|
|
(983)
|
|
(1,172)
|
|
(1,830)
|
|
|
|
|
═════
|
|
═════
|
|
═════
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
13. Related
party transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period, SundaGas (Timor-Leste Sahul)
Pty. Ltd ("TLS"), a wholly-owned subsidiary, paid fees amounting to
US$165,000 (30 June 2023: US$152,000, 31 December 2023: US$285,000)
to SundaGas Pte. Ltd, a company in which Dr. Andrew Butler, a
director of the Company, held a significant interest.
|
|
|
|
|
|
|
|
|
|
The directors' aggregate remuneration and
associated benefits in respect of qualifying services during the
period amounted to £132,000 (30 June 2023: £308,000 31 December
2023: £483,000).
|
|
|
|
|
|
|
|
|
|
During the period, payments totalling £316,000
(30 June and 31 December 2023: nil) were made in respect of
severance payments to former directors.
|
|
|
|
|
|
|
|
|
|
During the period, key management personnel
subscribed for new ordinary shares of £0.00025 each in the Company
at a price of 0.05p per share as part of a placing and subscription
of new ordinary shares announced on 15 February 2024, as
follows.
|
|
|
|
|
|
|
|
|
|
Dr Andrew Butler
|
|
64,000,000
shares
|
|
|
|
Andrew Yeo (resigned 31 March 2024)
|
|
12,000,000
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14. Financial
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The unaudited interim financial information for
period ended 30 June 2024 does not constitute statutory financial
statements within the meaning of Section 435 of the Companies Act
2006. The comparative figures for the year ended 31 December 2023
are extracted from the statutory financial statements which have
been filed with the Registrar of Companies and which contain an
unqualified audit report and did not contain statements under
Section 498 to 502 of the Companies Act 2006.
|
|
Copies of this interim financial information
document are available from the Company at its registered office at
2 Leman Street, London E1W 9US. The interim
financial information document will also be available on the
Company's website www.sundaenergy.com.
|
Glossary of Technical Terms
|
Contingent
Resources
|
Those quantities of petroleum estimated, as of
a given date, to be potentially recoverable from known
accumulations by application of development projects, but which are
not currently considered to be commercially recoverable owing to
one or more contingencies.
|
|
Mean or
Pmean
|
Reflects an unrisked median or best-case volume
estimate of resource derived using probabilistic methodology. This
is the mean of the probability distribution for the resource
estimates and is often not the same as 2U as the distribution can
be skewed by high resource numbers with relatively low
probabilities.
|
|
PSC
|
Production Sharing Contract.
|
|
Tcf
|
Trillion standard cubic feet of gas
|
|
|
| |
