June 30, 2026

Sunda Energy has started evaluating options for the planned Chuditch-2 appraisal well offshore Timor-Leste following discussions with regulators and its joint venture partner, while separately advancing its acquisition of a New Zealand production business.

The company said its wholly owned subsidiary, SundaGas Banda Unipessoal, had held clarification meetings with Timor-Leste upstream regulator Autoridade Nacional do Petróleo and state-owned joint venture partner TIMOR GAP Chuditch Unipessoal regarding the next steps for Production Sharing Contract TL-SO-19-16 after receiving a notice of intention to terminate.

Sunda said it is considering how to proceed with drilling the planned Chuditch-2 appraisal well and will provide further updates in due course.

In the Philippines, the company said geoscience studies continue on Service Contracts SC 80 and SC 81 in the southern Sulu Sea, where it holds a 37.5% non-operated interest. The studies continue to provide encouragement regarding the prospectivity of the license areas, according to Sunda.

Separately, Sunda said it expects to complete its acquisition of Matahio NZ in September, subject to regulatory approvals.

The company signed a conditional share sale and purchase agreement in April to acquire Matahio NZ, which owns and operates four petroleum mining permits and one exploration permit in the onshore Taranaki Basin on New Zealand's North Island.

Sunda said it has held meetings with New Zealand Petroleum and Minerals and that the approvals process remains ongoing.

The company added that average production from the New Zealand assets reached 1,036 barrels of oil equivalent per day during the first five months of 2026, with full-year average production forecast at 1,052 boepd, up 2.3% from 2025 levels.

Sunda also informed it had not drawn down the second tranche of convertible loan notes arranged to fund the acquisition, citing stronger oil prices and an analysis of revenues and costs at the New Zealand business.