Sunda Energy nears New Zealand acquisition as Timor-Leste review continues

(WO) — Sunda Energy expects to complete its acquisition of producing assets in New Zealand's Taranaki basin in September, while continuing to evaluate next steps for its Chuditch gas project in Timor-Leste.

The company said regulatory approval for the acquisition of Matahio NZ remains in progress following discussions with New Zealand Petroleum and Minerals. Sunda signed the agreement in April to acquire the business, which owns interests in four petroleum mining permits and one exploration permit on New Zealand's North Island.

A joint transition team has been established to oversee operational integration ahead of closing, with Sunda now receiving regular updates on production, operations, HSE and financial performance.

The acquired assets averaged 1,036 boed during the first five months of 2026, with full-year production forecast to average approximately 1,052 boed. Sunda said crude sales during 2026 have benefited from stronger oil prices, contributing to revenues above long-term averages.

The company also said it has not drawn on the second tranche of financing arranged for the acquisition, citing stronger-than-expected cash flow from the New Zealand assets. Sunda will continue evaluating whether additional funding will be required before the transaction closes.

In Timor-Leste, Sunda confirmed it has held discussions with the country's upstream regulator and state partner TIMOR GAP following the recent notice of intention to terminate the Chuditch production sharing contract. The company said it is assessing its options, including how to proceed with the planned Chuditch-2 appraisal well.

Separately, Sunda said technical studies continue on its non-operated interests in Service Contracts SC 80 and SC 81 offshore the Philippines, where operator Tetragon Energy and its partners continue to evaluate exploration potential.