Sunda Energy plc has conditionally raised up to £6.7 million to buy production and exploration permits, onshore Taranaki Basin on the west coast of New Zealand’s North Island.
TVRs
The fundraise involved Alumni Capital’s firm subscription which raised £900,000 at 0.02975 pence per share
Alumni Capital also provided a convertible loan note for £4,250,000, conditional on shareholder approval
Sunda has also drawn down the final £350,000 under the February 2026 £1.5 million unsecured loan from its chief executive officer Dr Andy Butler.
Further conditional subscriptions totalling £800,000 comprise the conversion of £750,000 of the AB Loan; and conditional subscriptions by Sunda non-executive chairman Gerry Aherne, and non-executive directors Keith Bush and John Chessher, totalling £50,000.
Following admission of the firm subscription shares, the company’s issued ordinary share capital will consist of 34,501,863,365 ordinary shares, with one voting right each.
Sunda holds no ordinary shares treasury.
The company additionally proposes a capital reorganisation, on a basis of every 100 existing ordinary shares consolidated into one new ordinary share, resulting in 345,018,634 new ordinary shares.
Sunda also plans a retail offer to its existing shareholders to raise up to £750,000, conditional on shareholder approval.
TARANAKI
The company signed a share sale and purchase agreement with with Matahio Ventures Pte. Ltd for Matahio Energy NZ Ltd Matahio Energy NZ Ltd, which owns and operates the permits.
The properties are located near Stratford, and consist of three petroleum mining permits of Cheal, Cheal East and Sidewinder and a petroleum exploration permit known as Puka.
In 2025, the assets provided around 1,000 barrels of oil equivalent per day, comprising 80% oil and 20% gas.
Sunda said that the permits held 2P reserves of 2.6 MMboe and 2C contingent resources of 500,000 boe
The company expects to pay between US$8m and US$14m on the deal, which has an effective date of 1 January.
The contingent consideration is expected to be between US$1m and US$13m, depending on exploration drilling.
CEO Dr Butler added: “The company can look forward to an exciting and robust future built around a portfolio of New Zealand production, development and exploration assets that are complementary to our existing business in Timor-Leste and the Philippines.
“The assets being acquired come with tremendous potential, particularly around bringing gas resources to the New Zealand market, and I look forward to working on delivery of this potential with the brilliant in-country team that will be joining Sunda once the acquisition has completed.”