LONDON: Sunda Energy Plc (AIM: SNDA) said on Wednesday it has agreed to acquire Matahio Energy NZ Limited from Singapore-based Matahio Ventures Pte. Ltd., in a deal that will give the AIM-quoted explorer full ownership of a portfolio of producing and exploration permits in New Zealand’s Taranaki Basin.
The acquisition, effective from Jan. 1, 2026, is valued at between $8 million and $14 million excluding contingent payments, with additional consideration of up to $13 million tied to exploration success. Final payments are expected by the third quarter of 2027. Sunda said the deal metrics compare favourably with regional peers, at $5.77 per barrel of oil equivalent (boe) of 2P reserves versus an Asia-Pacific average of $11.72.
Matahio NZ’s assets produced about 1,028 boepd in 2025, with 2P reserves of 2.6 million boe and prospective resources of 5.8 million boe. Sunda highlighted multiple infield development opportunities, a pilot gas storage project, and revenues from third-party gas processing.
To fund the acquisition, Sunda has conditionally raised up to £6.7 million through a mix of subscriptions, convertible loan notes, director participation, and a retail offer. Alumni Capital will provide £900,000 via firm subscription and up to £4.25 million in convertible notes, while CEO Andy Butler and other directors will contribute through loan conversions and subscriptions. A retail offer aims to raise up to £750,000.
The transaction and fundraising are subject to shareholder approval at a general meeting on April 29, 2026, and to New Zealand government clearance, which Sunda expects to take four to six months.
Chief Executive Andy Butler described the deal as “transformational,” adding it diversifies Sunda’s portfolio alongside assets in Timor-Leste and the Philippines. “The assets being acquired come with tremendous potential, particularly around bringing gas resources to the New Zealand market,” he said.
Sunda said the acquisition aligns with its strategy to build scale as an independent energy player in Asia-Pacific, following recent service contract awards in the Philippines.