Sunda Energy (LSE:SNDA) reported progress on its proposed acquisition of Matahio Energy NZ’s onshore Taranaki oil and gas portfolio during the first half of 2026, while its Chuditch production sharing contract in Timor-Leste entered a 120-day remedy period following a regulatory notice.
The proposed New Zealand transaction remains conditional and would add assets producing approximately 1,000 barrels of oil equivalent per day, alongside proven and contingent reserves and exploration prospects.
Sunda said financing for the acquisition has been secured, including funding backed by directors. Government approval for the change of control is expected in late September or early October 2026.
Operational preparations for the acquired portfolio are already under way, including planning for the Oru-2 exploration well and the proposed restart of production from the Puka field.
Chuditch PSC Faces Termination Notice
In Timor-Leste, Sunda’s subsidiary continued work on the Chuditch gas discovery and secured an environmental licence as part of preparations for the proposed Chuditch-2 appraisal well.
The company has also been pursuing a rig-sharing arrangement for the planned well.
However, the regulator issued a notice of intention to terminate the Chuditch production sharing contract after drilling commitments were not met.
The notice triggered a 120-day period during which the matter can be remedied. The future of the PSC therefore remains subject to the outcome of that process.
Technical Work Begins in the Philippines
Sunda also commenced detailed technical studies and seismic reprocessing across its licences in the Philippines during the period.
The company completed a capital reorganisation as it continued work across its New Zealand, Timor-Leste and Philippine portfolio.
Completion of the Matahio Energy NZ acquisition remains subject to the applicable conditions and government approval, while further activity at Chuditch depends on the outcome of the PSC remedy process and arrangements for the proposed appraisal well.
More about Sunda Energy Plc
Sunda Energy Plc is an AIM-quoted upstream oil and gas company with activities across the Asia-Pacific region.
Its portfolio includes the Chuditch gas discovery in Timor-Leste and exploration licences in the Philippines. The company has also agreed to acquire producing and exploration assets in New Zealand, subject to completion of the transaction.
Its activities include oil and gas production, appraisal and exploration, as well as technical studies, seismic reprocessing and preparations for drilling programmes.
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