Sunda Energy has signed a letter of intent (LoI) with Finder Energy to collaborate on securing a drilling rig for planned offshore campaigns in Timor-Leste.
The agreement, signed between Sunda’s subsidiary SundaGas and Finder’s Timor-Leste unit, aims to combine drilling activities for the Chuditch-2 appraisal well and Finder’s Kuda Tasi and Jahal development wells into a single campaign.
Under the LoI, the companies will work together to contract a suitable rig, align procurement of materials and services, and coordinate planning and execution activities.
SundaGas operates the TL-SO-19-16 production sharing contract, which contains the Chuditch gas field, in partnership with state-owned TIMOR GAP, while Finder is developing the KTJ fields under a separate PSC, also with TIMOR GAP.
Finder is preparing to drill at least three wells as part of its KTJ development, with a final investment decision targeted by mid-2026.
The combined campaign is expected to improve project economics by extending rig utilisation to around 200 days, compared with an estimated 35 to 40 days for Sunda’s standalone well, making the project more attractive to drilling contractors.
The companies said a semi-submersible rig is being considered, suitable for Finder’s wells in around 400 meters of water depth and capable of operating at the shallower Chuditch-2 location in about 65 meters.
Drilling of the Chuditch-2 well is now expected to begin as early as possible in 2027, subject to rig availability, compared with an earlier target of the second quarter of 2026.
Sunda has also requested an extension of the PSC from Timor-Leste’s upstream regulator, Autoridade Nacional do Petróleo, as it adjusts timelines for the revised campaign.
"I am delighted with the plans agreed with Finder to align our planned drilling activities with their KTJ development project. This collaborative initiative would create many potential synergies and help both parties effectively achieve their respective operational goals.
“Although this plan pushes back drilling of Chuditch-2 further from our earlier schedule of second quarter of 2026, the sharing of a drilling rig, along with certain materials and services, would considerably enhance the achievability of the project. I look forward to working closely with Finder on a shared drilling campaign and thank ANP and TIMOR GAP for their ongoing support of our shared efforts to develop Timor-Leste's offshore energy resources,” said Andy Butler, CEO of Sunda Energy.
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