Sunda Energy (AIM:SNDA), the AIM-quoted exploration and appraisal company focused on gas assets in the Asia-Pacific region, has applied for a new Petroleum Exploration Permit in the offshore Taranaki Basin on the west coast of New Zealand's North Island.
The permit area spans approximately 645 square kilometres and contains the Awakino gas condensate field, first drilled in 1985.
The move follows Sunda's conditional acquisition of Matahio Energy NZ, announced on 8 April, and marks a further step in the company's broader push into New Zealand gas exploration, development and production.
If awarded, the firm commitment programme includes technical studies of existing well and field data, followed by reprocessing of 450 square kilometres of 3D seismic data within 36 months, work intended to delineate the gas field for potential future appraisal.
New Zealand Petroleum and Minerals, the government agency overseeing the country's Crown-owned mineral and petroleum resources, has accepted the application into its open market competitive process.
That triggers a three-month Period of Competition, during which rival bids can be lodged, before the agency assesses all offers and decides on the award.
"This application is consistent with the current New Zealand Government's policy direction to support domestic gas supply and energy security", said Andy Butler, Sunda's chief executive.
Sunda said it expects to make further announcements on its New Zealand initiatives in due course.
