Sunda Energy (AIM:SNDA) told investors its application for a petroleum exploration permit in the offshore Taranaki Basin, on the west coast of New Zealand's North Island, has become exclusive after a three-month period for competing bids closed on Wednesday.
The AIM-quoted exploration and appraisal company, which focuses on gas assets across the Asia-Pacific region, filed the application in July under New Zealand's open market competitive process for the Awakino area.
New Zealand Petroleum and Minerals, the government agency that regulates the Crown's mineral and petroleum resources, will now assess the proposal before deciding whether to grant the permit; the timing and outcome of that award remain unconfirmed.
The application covers roughly 645 square kilometres containing the Awakino-1 and Awakino South-1/ST1 gas condensate field, first discovered in 1985.
Sunda's committed work programme includes technical studies of existing well and field data and, within 36 months, reprocessing of 450 square kilometres of 3D seismic data, aimed at delineating the field for potential appraisal and development.
The company said it used the competitive period to continue technical evaluation of the area and to hold introductory stakeholder consultations as it seeks a role in New Zealand's energy sector.
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"We're pleased that our application for an offshore exploration permit in the area of the exciting Awakino gas discovery has progressed to the exclusive phase," said Sunda chief executive Dr Andy Butler, adding that the company would update further on its New Zealand plans "in due course".
The permit decision follows Sunda's pending acquisition of Matahio Ventures NZ, through which it is seeking New Zealand ministerial consent to restart production at the nearby Puka field and drill the Oru-2 exploration well.
