Sunda Energy PLC (AIM:SNDA, FRA:GHA0) shares jumped 18% on Tuesday, rising to 1.32p, after the small-cap oil and gas firm told investors it will avoid drawing a further tranche of convertible debt for its planned New Zealand acquisition, after stronger oil prices and Matahio NZ’s recent cashflows eased near-term funding needs.
The AIM-quoted Asia-Pacific gas company said it had not drawn the second tranche of unsecured convertible loan notes from Alumni Capital Limited (LSE:CAPD), which was available for up to £1.5 million. The decision follows analysis of revenues and costs at Matahio NZ, alongside oil prices that were stronger than assumed when the deal was negotiated.
The wider acquisition funding package includes director loans, share subscriptions, a retail offer and up to £4.25 million of CLNs from Alumni, alongside a £900,000 equity subscription. Sunda drew the initial £1.25 million CLN tranche after its 29 April general meeting, with £750,000 of that amount converted to date. A third tranche of up to £1.5 million remains available from 30 June until completion of the acquisition or 7 April 2027, whichever comes earlier.
Sunda said completion of the Matahio NZ acquisition is currently estimated for September 2026, with New Zealand government consent for the change of control still in progress. Matahio NZ owns and operates four petroleum mining permits and one exploration permit in the onshore Taranaki Basin, where average production for the five months to 31 May was 1,036 barrels of oil equivalent per day. Full-year 2026 production is forecast at 1,052 boepd, 2.3% above 2025 levels.
The company also said its SundaGas subsidiary has held clarification meetings with Timor-Leste’s upstream regulator and state joint venture partner TIMOR GAP after receiving a notice of intention to terminate PSC TL-SO-19-16. Sunda is evaluating its options for the planned Chuditch-2 appraisal well, while technical studies continue on its non-operated Philippines interests in SC 80 and SC 81.
