Shares in Sunda Energy surged after New Zealand granted a 10-year petroleum mining permit covering the Puka oil and gas field, clearing a key hurdle in the company’s plan to restart production and drill a new exploration well.
Key points
- New Zealand has granted a 10-year petroleum mining permit for the Puka field and Oru prospect
- The permit covers onshore acreage in the Taranaki region
- Sunda plans to restart Puka production and drill the Oru-2 exploration well
- The deal is subject to change-of-control approval, targeted for completion by September 2026
What happened
Sunda Energy (AIM: SNDA) told the market that New Zealand Petroleum and Minerals had granted a 10-year petroleum mining permit to Matahio NZ Onshore Limited, covering the Puka oil and gas field and the neighbouring Oru exploration prospect in the onshore Taranaki basin. The grant was announced on 13 August 2026 by New Zealand’s Resources Minister, Shane Jones.
Why it matters
The permit is the regulatory green light Sunda needs to press ahead with its New Zealand plans. The company intends to restart production at the Puka field and to drill the Oru-2 well, turning a permitting milestone into activity on the ground. For a small-cap energy explorer, securing long-dated tenure over a known field materially de-risks the project.
What happens next
The transaction remains conditional on New Zealand government approval for the change of control, among other conditions, with Sunda aiming to complete by September 2026. Investors will watch for confirmation that the deal has closed and for a timeline on the production restart and the Oru-2 drilling on London’s junior market.
The announcement was published via regulatory news (RNS) and covered by Proactive Investors; further detail via Investegate.
This article is for general information only and does not constitute investment advice or a recommendation to buy or sell any security. Photo: Ben Wicks on Unsplash.
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