A New Zealand oil acquisition edged closer to completion as Sunda Energy (AIM:SNDA) opted out of a second convertible loan note tranche, while Rockhopper's Italian asset disposal was thrown into uncertainty after a regulatory deadline passed without approval. Zenith Energy, meanwhile, broke ground on its first Italian solar plant as it pushes to diversify its revenue base.
Sunda Energy skips CLN tranche as New Zealand close approaches
Sunda Energy (AIM:SNDA) has elected not to draw the second tranche of its convertible loan note facility, citing stronger-than-expected oil prices that have improved cashflow at its New Zealand acquisition target. The AIM-quoted gas producer expects to complete the acquisition in September, with the improved financial position at the target business reducing the need for additional debt funding at this stage.
The decision was well received, with the shares rising 21.2% to 1.35p on the day.
Rockhopper Italian disposal stalls as long-stop date expires
The long-stop date on Rockhopper Exploration (AIM:RKH)'s disposal of its Italian assets has passed without the required Italian regulatory approval being granted, leaving both Rockhopper and the buyer free to walk away from the transaction. The expiry of the deadline introduces material uncertainty over whether the sale will proceed, removing a key near-term catalyst for the stock.
Rockhopper shares edged 0.9% higher to 70.4p, suggesting the market is not yet pricing in a full deal collapse, though the regulatory impasse leaves the outcome unresolved.
Zenith Energy breaks ground on first Puglia solar plant
Zenith Energy (AIM:ZEN) has commenced construction on the first of three photovoltaic plants in Italy's Puglia region, marking a concrete step in its push into renewable energy generation. All three plants are targeted to be grid-connected and generating revenue before the end of the year, a timeline that would represent a meaningful addition to the company's income streams.
The construction start did not prevent a modest pullback in the shares, which fell 3.0% to 4.85p on the day.
