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.
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, announced on 13 August 2026 by New Zealand’s Resources Minister, Shane Jones, covers onshore acreage in the Taranaki region and hands the company long-dated tenure over a known field.
The permit is the regulatory green light Sunda needs to press ahead with its New Zealand plans, and the company intends to restart production at the Puka field and to drill the Oru-2 exploration well — turning a permitting milestone into activity on the ground. For a small-cap energy explorer, securing a decade of mining tenure over an established field materially de-risks the project and sets a clearer path from paperwork to production.
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 on London’s junior market will watch for confirmation that the deal has closed and for a firm timeline on the production restart and the Oru-2 drilling.
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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