Sunda Energy (AIM:SNDA), an AIM-listed oil and gas company focused on gas assets in the Asia-Pacific region, has elected not to draw down the second tranche of its convertible loan notes (CLNs) arranged to fund its pending New Zealand acquisition, citing better-than-anticipated oil revenues at the target operation.
The financing package, provided by Alumni Capital, comprises a £900,000 equity subscription and up to £4.25m in CLNs across three tranches.
Sunda drew the first tranche of £1.25m following a general meeting on 29 April, of which Alumni has since converted £750,000.
The second tranche of up to £1.5m lapsed on 29 June, and the third tranche of up to £1.5m remains available until either the completion date or 7 April 2027.
Average production at the New Zealand business ran at 1,036 barrels of oil equivalent per day (boepd) in the five months to 31 May, with full-year 2026 output forecast at 1,052 boepd, up 2.3% on 2025.
Regulatory consent from New Zealand Petroleum and Minerals remains in progress, with completion of the transaction estimated for September 2026.
On a separate front, Sunda's Timor-Leste subsidiary is evaluating its options following clarification meetings with regulators after receiving a notice of intention to terminate its production sharing contract, with the future of the planned Chuditch-2 appraisal well under review.
