Sunda Energy (SNDA) Files for Offshore Petroleum Exploration Permit in New Zealand's Taranaki Basin Including Awakino Gas Condensate Field

Sunda Energy Files for 645 kmb2 Offshore Exploration Permit in Taranaki Basin, New Zealand

On 14 July 2026, Sunda Energy Plc confirmed it has formally submitted an application for a Petroleum Exploration Permit (PEP) in the offshore Taranaki Basin on New Zealand's North Island west coast. The application spans approximately 645 kmb2, representing a significant acreage for an AIM-listed exploration company at Sunda's development stage. NZPAM, the regulatory body overseeing Crown-owned mineral and petroleum resources, has accepted the application for the open market competitive process.

This submission marks a pivotal operational advancement for Sunda Energy as it aims to build a credible and expanding footprint in New Zealand's upstream gas sector. The PEP application is integral to Sunda's broader New Zealand growth strategy, which includes exploration, development, and production opportunities inside and beyond the existing Matahio NZ permit areas. The announcement did not disclose the financial outlay for the permit application or related work programme commitments.

Awakino Gas Condensate Field: A 1985 Discovery Central to Sunda's New Zealand Expansion

The Awakino gas condensate field, drilled in 1985, lies within the PEP application area in the offshore Taranaki Basin, New Zealand's primary hydrocarbon-producing region with extensive onshore and offshore oil and gas history. Despite being discovered over 40 years ago, Awakino remains undeveloped. Sunda's application suggests confidence in a viable path to delineate, appraise, or develop the field under appropriate permit and technical conditions.

The proposed work programme under the PEP includes technical evaluations of existing well and field data and reprocessing 450 kmb2 of 3D seismic data, to be completed within 36 months of permit award. This phased technical approach aligns with industry standards for early-stage exploration permits, focusing on reducing subsurface uncertainty before committing to capital-intensive appraisal drilling.

NZPAM's Open Market Competitive Process: Implications of the Three-Month Period for Investors

NZPAM has accepted Sunda Energy's PEP application into its open market competitive process, initiating a formal three-month Period of Competition. During this time, other parties may submit competing bids for the same acreage. NZPAM will evaluate all submissions before awarding the permit, introducing regulatory and competitive uncertainty for investors assessing Sunda's New Zealand strategy.

Investors are encouraged to review the NZPAM open market competitive process details on the NZPAM website. The permit award outcome is beyond Sunda's control and may result in another applicant securing the permit. The announcement did not identify any competing parties or provide a timeline beyond the three-month competition period.

Conditional Acquisition of Matahio Energy NZ Limited: Foundation of Sunda's New Zealand Strategy Announced 8 April 2026

Sunda Energy's New Zealand ambitions began with the conditional acquisition of Matahio Energy NZ Limited (Matahio NZ), announced on 8 April 2026. This acquisition underpins Sunda's broader growth strategy focused on gas exploration, development, and production in New Zealand. The Matahio NZ deal remains conditional as of this announcement, with the PEP application and acquisition pursued concurrently.

The Taranaki Basin PEP application covers acreage outside Matahio NZ's existing permits, indicating Sunda's intent to expand its New Zealand asset base beyond the acquisition. This dual-track strategy—combining production asset acquisition with new exploration applications—demonstrates Sunda's aim to build a diversified New Zealand gas portfolio. No updates on terms, conditions, or completion timelines for the Matahio NZ acquisition were provided.

CEO Dr Andy Butler Highlights Alignment of New Zealand Gas Strategy with Government Energy Policy

Dr Andy Butler, Sunda Energy's Chief Executive, linked the PEP application to the company's commercial growth plans and New Zealand government's energy policy. He described the Awakino gas discovery as a "nearshore" asset and noted that the application aligns with government support for domestic gas supply and energy security, positioning Sunda's exploration within a favorable policy framework.

Dr Butler also indicated expectations for further announcements related to the Matahio NZ acquisition and other New Zealand initiatives in the coming months. However, such forward-looking statements do not guarantee future developments. The announcement did not include financial guidance, revenue forecasts, or production targets related to the New Zealand strategy.

Sunda Energy’s Asia-Pacific Gas Focus and Regional Operating Environment

Sunda Energy Plc is an AIM-listed exploration and appraisal company concentrating on gas assets in the Asia-Pacific region, with New Zealand now a strategic focus. The Taranaki Basin, where the PEP application is located, is among New Zealand's most productive hydrocarbon basins, supported by a long-established regulatory and geological framework.

Gas demand in the Asia-Pacific continues to grow as countries transition to cleaner fuels. New Zealand's domestic gas market has faced supply challenges recently, with government policies aimed at encouraging new upstream development. For an exploration-stage company like Sunda, aligning projects with geological potential and supportive policies is commercially and reputationally important. No revenue, production, or reserve data were disclosed.

Proposed 36-Month Work Programme: Technical Analysis and 450 kmb2 3D Seismic Data Reprocessing

Sunda Energy’s firm commitment work programme under the PEP includes two main components: technical studies of existing well and field data from the 1985 Awakino gas condensate field, and reprocessing 450 kmb2 of 3D seismic data. Both are to be completed within 36 months of permit award.

Seismic reprocessing enhances geological understanding by applying modern techniques to legacy data, improving subsurface imaging and identifying potential traps. The programme aims to delineate the Awakino field for potential appraisal and development and assess the wider exploration potential. The announcement did not disclose estimated costs or timelines for future drilling.

Regulatory and Competitive Risks Linked to the Taranaki Basin Permit Application

The PEP application carries inherent risks, including the possibility that NZPAM may receive competing bids during the three-month Period of Competition and award the permit to another party. This competitive process is managed solely by NZPAM and is beyond Sunda's control post-application acceptance.

Exploration risks also exist, as the Awakino field’s commercial viability remains uncertain despite historical data. Additionally, regulatory factors such as consenting, environmental requirements, and potential policy changes could impact appraisal or development timelines and economics. No financial risk disclosures were included.

AIM Advisers and Brokers Supporting Sunda Energy’s Corporate Activities

Sunda Energy is supported by Allenby Capital Limited as Nominated Adviser and Joint Broker, with Nick Athanas, Nick Harriss, Ashur Joseph, and Kelly Gardiner managing corporate finance and broking. Hannam and Partners Advisory Limited acts as Advisor and Joint Broker, with Neil Passmore and Leif Powis covering corporate finance and sales. Celicourt Communications provides financial public relations and investor relations, with Mark Antelme, Philip Dennis, and Charles Denley-Myerson as contacts.

This team structure aligns with Sunda’s active AIM-listed status and strategic growth via corporate transactions and exploration. Allenby Capital’s role as Nominated Adviser includes regulatory responsibilities under AIM Rules. No fee arrangements were disclosed.

Share Price Impact and Investor Focus Ahead of NZPAM Permit Decision

The immediate share price reaction to Sunda Energy’s PEP application was unclear at the time of writing. Permit applications through competitive processes often do not trigger immediate sustained share price changes due to outcome uncertainty until NZPAM’s final decision.

Investors should monitor key upcoming milestones: the conclusion of the three-month Period of Competition, updates on the conditional Matahio Energy NZ Limited acquisition, and further New Zealand strategy announcements. Contact details for corporate advisers and financial PR teams are available for investor inquiries.