Sunda Energy (AIM:SNDA), the AIM-quoted oil and gas company focused on hydrocarbon assets in the Asia-Pacific region, has raised £5.25 million before expenses through a placing and subscription.
The Placing covers 335.13 million new shares at 1.5p, raising approximately £5.03 million, while a member of senior management and other investors are subscribing for a further 14.87 million shares to raise around £0.22 million. The issue price marks a 45.5% discount to the 2.75p closing mid-market price on 9 September, the last practicable date before Sunda entered its Capital Access Window.
A separate retail offer of up to 35 million shares via the WRAP Platform could raise a further £0.525 million, with terms to follow.
Net proceeds will principally fund the completion payment for Matahio Ventures NZ, whose subsidiaries hold five petroleum mining permits in New Zealand's Taranaki Basin and produced an average of 1,028 barrels of oil equivalent per day in 2025, generating NZUS$35.6 million revenue and NZ$6.6 million EBITDA.
Chief executive Dr Andy Butler said the fundraising was "a welcome endorsement of Sunda's repositioning as a full cycle E&P company," adding that the board intends to cancel undrawn convertible loan notes once the resolutions are approved.
Completion remains subject to New Zealand Ministerial consent, expected in early October, with the General Meeting to approve conditional shares set for 8 October.
News Intelligence what this means for the company
Sunda Energy raised £5.25m at a 45.5% discount to fund completion of its Matahio Ventures NZ acquisition, with the completion payment revised down to US$3.6m from US$5.0m when the deal was signed in April. The placing was oversubscribed and a retail offer could add a further £0.525m; ministerial consent and shareholder approval remain conditional hurdles expected in early October.
The fundraising at a steep discount dilutes existing shareholders materially—335m new shares at 1.5p represents a 45.5% haircut to the prior closing price—but the lower completion cost and decision not to draw the second convertible loan tranche in June suggest the New Zealand asset is performing better than initially underwritten. Execution now hinges on regulatory sign-off and shareholder approval within weeks.
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