European firm Fieldfisher has advised Sunda Energy plc ("Sunda Energy"), the AIM-listed exploration and appraisal company focused on gas assets in South-East Asia, on its fundraising of up to $9 million by way of the issue of unsecured convertible loan notes to three institutional investors.
The proceeds of the fundraising will be used to fund Sunda Energy's share of the costs for the drilling of the Chuditch-2 well, which is located offshore south of Timor-Leste, and related project costs.
In conjunction with the fundraising, Sunda Energy's wholly-owned Timor-Leste subsidiary has entered into a farm-in agreement (the "Farm-In") with its government-owned joint venture partner in Timor-Leste ("TIMOR GAP"). The Farm-In increases TIMOR GAP's working interest in the Chuditch-2 appraisal well and reduces Sunda Energy's share of the drilling costs. Sunda Energy has said that it expects to sign a rig contract shortly and, within a few months, to be drilling "one of the most eagerly awaited and impactful wells in the Asia-Pacific region".
The Fieldfisher team was led by Equity Capital Markets Partner Dominic Gurney-Champion and Associate Ed Slegg, who were supported by Banking & Finance Partner Anna Crosby and Associate Sophia Keen.
Fieldfisher's leading Equity Capital Markets practice advises clients across sectors, with particular strength in energy and natural resources, technology, financial services, and life sciences.
