Sunda Energy (AIM:SNDA) reported a loss on ordinary activities after taxation of £1.99 million for the six months to 30 June, widening from £1.13 million in the same period last year.
The AIM-quoted company, which is building a portfolio of upstream oil and gas assets across the Asia-Pacific region, posted a loss per share of 0.57p, up from 0.43p a year earlier.
The period was marked by the conditional acquisition of Matahio Energy NZ, which owns production permits in New Zealand's Taranaki Basin producing around 1,000 barrels of oil equivalent per day. The deal, funded through director loans, share subscriptions and convertible loan notes, is pending New Zealand government consent, expected in late September or early October, with completion to follow.
In Timor-Leste, Sunda secured an environmental licence for the Chuditch-2 appraisal well but received a notice of intention to terminate its production sharing contract after missing a drilling deadline, with a 120-day remedy period running to 16 October. In the Philippines, operator Tetragon Energy commenced seismic reprocessing across two service contracts and later reported a material increase in prospective resources at the Halcon prospect.
Unrestricted cash stood at £1.1 million at period end, up from £328,000 at the end of 2025.
"The first half of 2026 was a truly transformational period for Sunda," said chairman Gerry Aherne, adding the New Zealand acquisition "takes the Group to a different level".
News Intelligence what this means for the company
Sunda Energy's interim loss widened to £1.99 million as the company advanced its conditional acquisition of New Zealand production assets (Matahio Energy NZ), pending government consent expected in late September or early October. The deal marks a strategic pivot from pure exploration toward operating production—the Taranaki permits yield ~1,000 barrels of oil equivalent per day—but execution risk remains: cash stands at only £1.1 million, and in Timor-Leste, Sunda faces a 120-day remedy period after missing a drilling deadline on its Chuditch contract, with termination threatened by 16 October.
- Completion of the New Zealand acquisition hinges on government consent; delay or denial would leave Sunda dependent on its exploration portfolio and current £1.1 million cash position.
- The Timor-Leste contract termination notice creates a near-term operational and financial cliff if the remedy period (ending 16 October) does not yield a resolution.
The New Zealand production asset offers near-term cash-generative potential if the acquisition closes and Puka restarts, but the company remains pre-revenue and thinly capitalized. Regulatory and operational risks in Timor-Leste and the Philippines remain material headwinds to the exploration upside.
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