Sunda Energy (AIM: SNDA) is targeting the end of 2026 to agree a Timor-Leste farm-in, according to an operational update released before the London open today. The explorer, which focuses on gas assets in Asia-Pacific, also dated a New Zealand permit award and Philippines seismic work.
Sunda’s pending purchase of Matahio NZ from Matahio Energy NZ Limited still awaits government consent for the change of control. The company says communications with the regulator, NZ Petroleum and Minerals (NZPAM), are good, but timing is outside its direct control.
The assets averaged 1,059 barrels of oil equivalent a day (boepd) in the nine months to the end of September 2026, against 1,028 boepd for calendar 2025, roughly 3% higher on our own arithmetic. Sunda is working with the seller on 2027 plans and budgets, including drilling the Oru-2 well.
| Milestone | Expected timing | Status |
|---|---|---|
| Matahio NZ completion | No date given | Awaiting NZ consent |
| Awakino permit award (NZ) | Late Q1 or early Q2 2027, not guaranteed | NZPAM evaluating |
| TIMOR GAP farm-in and ANP approvals | By the end of 2026 (target) | Negotiating |
| Chuditch-2 well | No date given | Rig slot earmarked in principle |
| Philippines reprocessed 3D seismic | Q1 2027 | Reprocessing progressing |
Only the Timor-Leste deal falls inside this year. Sunda’s application for an offshore permit containing the Awakino gas field was announced as exclusive on the 14th of October, and NZPAM has begun detailed evaluation.
In Timor-Leste, the current phase of production sharing contract TL-SO-19-16 now runs to the 16th of October 2027, after a 12-month extension from regulator ANP. SundaGas, Sunda’s wholly owned subsidiary, is negotiating with government-owned partner TIMOR GAP, which would take a bigger working interest and become operator.
Finder Energy (ASX: FDR) has signed for the Hakuryu-5 rig and says one optional slot is earmarked in principle for Sunda’s Chuditch-2 appraisal well. In the Philippines, the first fast-track reprocessed 3D seismic is expected in Q1 2027.
The Company continues to make positive progress across its various initiatives and, as we approach the end of 2026, our business opportunity portfolio is richer than ever. We look forward to delivering on the multiple targeted milestones and providing regular updates as we do so.
Dr Andy Butler, Chief Executive, Sunda Energy Plc