Sunda Energy (AIM: SNDA) shares jumped 46% after New Zealand authorities granted a 10-year petroleum mining permit covering the Puka oil and gas field and Oru exploration prospect in the onshore Taranaki region.
The permit has been awarded to Matahio NZ Onshore Limited (MNO), whose parent company Sunda has conditionally agreed to acquire as part of its expansion into New Zealand.
The approval represents an important step for Sunda’s planned investment programme, which includes restarting production from the Puka field and drilling the Oru-2 exploration well.
Sunda announced the conditional acquisition of Matahio Energy NZ Limited in April, providing the company with an entry into producing and exploration assets in New Zealand alongside its existing Asia-Pacific gas interests.
The transaction remains subject to conditions, including New Zealand government approval for the change of control, with Sunda currently targeting completion in September 2026.
The sharp share-price reaction reflects progress towards securing the regulatory framework needed to execute Sunda’s proposed Puka production restart and Oru exploration programme.
