Sunda Energy

What Sunda Energy does

Sunda Energy Plc (AIM: SNDA) is an independent gas-focused exploration and production company headquartered in London and incorporated in England and Wales (company number 5098776). The company was previously named Baron Oil PLC, which itself traces back to Gold Oil PLC incorporated in 2009, and was rebranded to Sunda Energy on 21 June 2024 to reflect its pivot to becoming an Asia-Pacific gas pure-play. Sunda operates across three jurisdictions — Timor-Leste, the Philippines, and New Zealand — through three pillars: (i) a 60%-operated working interest in the TL-SO-19-16 Production Sharing Contract, with ERCE-assessed gross Pmean Contingent Resources of 1.16 Tcf of gas at the Chuditch-1 discovery, where the Chuditch-2 appraisal well is planned but currently subject to a termination notice from ANP issued 18 June 2026; (ii) a 37.5% non-operated interest in Philippines Service Contracts SC-80 and SC-81 in the Sulu Sea, where SC-80 holds Pmean Prospect Gas Resources of 10,088 Bcf; and (iii) a conditionally agreed acquisition of 100% working interest in four New Zealand Taranaki permits (Cheal, Cheal East, Sidewinder, Puka) producing approximately 1,028 boepd with 2.6 MMboe of 2P reserves, pending regulator change-of-control approval.

The company's core technology stack centres on advanced 3D seismic reprocessing using modern PSDM and FWI techniques, petroleum systems modelling, and revised petrophysical evaluation — applied to legacy data to materially upgrade the imaging of offshore gas accumulations. Sunda monetises hydrocarbons primarily through production-sharing contract economics (60% contractor share after 5% royalty, 100% cost recovery, 60/40 contractor/state profit split, 30% corporate tax plus 22.5% supplementary petroleum tax over 16.5% IRR in Timor-Leste) and direct commodity sales — oil via road tanker to New Plymouth tank farms, gas into domestic pipeline networks for utilities and industrial buyers in New Zealand. The Sidewinder field is being repurposed for gas storage services (subscription/recurring model), planned to commence late 2026.

Sunda is led by CEO Dr Andy Butler (appointed 15 March 2024, founder of SundaGas Pte Ltd, formerly VP at Mitra Energy/Jadestone and new ventures manager at BG Group) and CFO Rob Collins, with a five-person board. Headcount is reported in the 11–50 range. Capital structure as of June 2026 comprises 400,941,457 ordinary shares, with major nominee-account holders Hargreaves Lansdown (23.70%), Interactive Investor (14.65%), and HSDL (10.73%), alongside insider holdings of approximately 11%. Distribution is institutional/retail investor-led via AIM regulatory news, investor presentations, and a small set of analyst coverage from Allenby Capital and Hannam & Partners.

Name

Sunda Energy

Legal name

Sunda Energy PLC

Website

https://sundaenergy.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Sunda Energy Plc is a London-headquartered, AIM-listed independent gas-focused E&P company operating in the Asia-Pacific region, holding a 60%-operated interest in the Chuditch gas field offshore Timor-Leste, a 37.5% interest in Philippines Sulu Sea blocks, and an agreed 100% acquisition of producing New Zealand Taranaki assets.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration and Production

NAICS

Natural Gas Extraction (21113), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA)

akta.pro secondary industry

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

Keywords

• Oil and gas exploration
• Natural gas production
• Upstream energy assets
• Production sharing contracts
• Seismic data reprocessing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Oil and Gas Production Sales: Sunda Energy generates revenue from the sale of crude oil and natural gas produced from its operating assets. Oil is sold to domestic buyers via road transport to tank farms, while gas is exported directly into domestic pipeline networks. The New Zealand acquisition will provide approximately 1,028 boepd of immediate production with scope to exceed 2,000 boepd through exploration and development.
2. Gas Storage Services: The Sidewinder field in New Zealand is being prepared for gas storage operations, switching between injection and production to meet fluctuations in domestic demand and price. This creates an additional revenue stream from gas storage services subject to regulatory approvals, anticipated to commence in late 2026.
3. Production Sharing Contract (PSC) Economics: Under the Timor-Leste PSC structure (TL-SO-19-16), SundaEnergy receives 60% contractor share of production after cost recovery and government take (royalty, taxes, profit split). The PSC terms include 5% royalty, 100% cost recovery, 60/40 contractor/state profit split, and 30% corporate tax with 22.5% supplementary petroleum tax over 16.5% IRR.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Sunda Energy is an independent gas-focused upstream oil and gas exploration and production company operating in the Asia-Pacific region. The company holds a 60% operated working interest in the Chuditch gas field offshore Timor-Leste, is acquiring 100% of producing oil and gas assets in New Zealand's Taranaki basin, and holds a 37.5% non-operated interest in two exploration blocks in the Philippines Sulu Sea. Revenue is generated from sale of crude oil and natural gas produced from operated and non-operated assets under production sharing contracts with host governments.

Product overview

Sunda Energy is an independent gas-focused exploration and production company operating in the Asia-Pacific region. The company operates through three main project pillars: (1) the Chuditch gas field offshore Timor-Leste (60% WI via subsidiary SundaGas Banda Unipessoal) with 1.16 Tcf Pmean contingent resources and planned Chuditch-2 appraisal drilling; (2) acquiring 100% working interest in four producing oil and gas permits in New Zealand's Taranaki region (Cheal, Cheal East, Sidewinder, Puka) delivering approximately 1,028 boepd with scope to exceed 2,000 boepd; and (3) 37.5% non-operated interests in Philippines Sulu Sea SC-80 and SC-81 blocks with combined prospective resources exceeding 10 Tcf. The company leverages seismic reprocessing and interpretation capabilities to mature its exploration assets toward development.

Differentiator

Problem solved

Functional benefit

Products and services

• Chuditch Gas Field (Timor-Leste) Offshore gas field development project under the TL-SO-19-16 Production Sharing Contract, 185km south of Timor-Leste. ERCE-assessed gross Pmean Contingent Resources of 1.16 Tcf of gas, with long-term plateau production potential of more than 300 MMscfd.
• New Zealand Taranaki Production Assets 100% working interest in four onshore permits in the Taranaki region: Cheal (PMP 38164), Cheal East (PMP 60291), Sidewinder (PMP 53803), and Puka (PEP 51153). Combined production of approximately 1,028 boepd with 2P reserves of 2.6 MMboe and a pathway to exceed 2,000 boepd.
• Sulu Sea Exploration (Philippines) 37.5% non-operated working interest in Service Contracts SC-80 and SC-81 in the southwest Sulu Sea, offshore Philippines. SC-80 contains Pmean Prospect Gas Resources of 10,088 Bcf with 2C Contingent Gas Resources of 4,701-5,742 Bcf.

Quantifiable outcome

• 1.16 Tcf Pmean Contingent Resources of gas at Chuditch-1 discovery
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Finder Timor-Leste (subsidiary of Finder Energy)coreStrategic or Co-development Partner · 8 April 2026SundaGas Banda Unipessoal signed a letter of intent with Finder Timor-Leste (Perth-based Finder Energy subsidiary) to jointly secure a drilling rig for their respective offshore drilling campaigns in Timor-Leste. SundaGas plans to drill the Chuditch-2 appraisal well while Finder aims to develop the Kuda Tasi and Jahal fields with at least three development wells, combining operations to nearly 200 days of rig time. The collaboration is expected to deliver operational synergies and cost savings, with drilling anticipated to begin in 2027.
• Matahio Energy NZ (seller of New Zealand assets)coreStrategic or Co-development Partner · 1 April 2026Matahio Energy is selling its New Zealand assets including producing onshore oil and gas fields in Taranaki (Cheal, Cheal East, and Sidewinder) and the Puka exploration permit to Sunda Energy. Resources Minister Shane Jones welcomed the transaction as a positive signal of international investment. Sunda is seeking change of control approvals from regulator New Zealand Petroleum and Minerals.
• Triangle Energy LimitedcoreStrategic or Co-development Partner · 1 October 2025Triangle Energy Limited is the operator of SC-80 and SC-81 licenses in the Sulu Sea, Philippines, holding 37.5% working interest alongside Sunda's matching 37.5% interest.
• PXP Energy CorporationminorChannel Partner/ Reseller/ Distributor · 1 October 2025PXP Energy Corporation holds 12.5% working interest in SC-80 and SC-81 licenses in the Philippines Sulu Sea as part of the joint venture with Triangle Energy and Sunda.
• The Philodrill CorporationminorChannel Partner/ Reseller/ Distributor · 1 October 2025The Philodrill Corporation holds 12.5% working interest in SC-80 and SC-81 licenses in the Philippines Sulu Sea as part of the joint venture with Triangle Energy and Sunda.
• TIMOR GAP (Timor-Leste State Oil Company)coreStrategic or Co-development Partner · 1 February 2024Timor-Leste state oil company TIMOR GAP holds 40% interest in the Chuditch PSC (25% original carried interest plus 15% paying interest through Farm-Up completed February 2024). TIMOR GAP is responsible for paying 20% of all costs including drilling of Chuditch-2, estimated at approximately US$7.5 million in 2024. SundaGas received approximately US$1 million in cash payments from TIMOR GAP for back costs covering the period from PSC signing to Farm-Up date.

Scale indicators12 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Jadestone Energy: Independent Asia-Pacific focused upstream oil and gas company listed in London, producing and developing gas and condensate assets in Australia, Indonesia, Malaysia and Vietnam. Highly comparable as a small-cap Asia-Pacific gas-focused E&P with a similar size and growth-stage profile; Sunda's CEO previously served as VP Business Development at Jadestone's predecessor (Mitra Energy).
• Hartshead Resources: ASX-listed gas development company focused on the UK Southern North Sea with proven reserves and near-term production. Directly comparable as a small-cap gas-focused E&P at a similar development stage; Sunda NED Keith Bush serves concurrently as COO at Hartshead, evidencing tight peer overlap in management talent and business model.
• Triangle Energy: ASX-listed upstream operator with assets in Western Australia and operator of the SC-80/SC-81 Sulu Sea permits where Sunda holds its 37.5% interest. A directly comparable small-cap Asia-Pacific E&P and operational partner on Sunda's Philippines asset pillar.
• Finder Energy: Perth-based upstream oil and gas company focused on exploration and development in the UK North Sea and Timor-Leste. Directly comparable as a small-cap E&P with material Timor-Leste acreage; Sunda's April 2026 rig-sharing LOI is signed with Finder's Timor-Leste subsidiary, evidencing tight operational and geographic overlap.
• Empyrean Energy: AIM-listed oil and gas company with exploration and appraisal assets in China, Indonesia and the United States. Comparable as a small-cap AIM-quoted E&P at a similar stage of development, focused on gas/condensate assets in Asia-Pacific.
• i3 Energy: AIM-listed upstream oil and gas company with producing assets in the UK North Sea and Canadian oilfield. Comparable as a small-cap AIM-listed E&P focused on North Sea production with growth ambitions, sharing a similar public-market investor base.
• Tomoco Energy: AIM-listed upstream oil and gas company focused on exploration and development in Southern Africa (South Africa, Namibia) and the United States. Comparable as a small-cap AIM-quoted E&P at a similar growth stage, sharing public-market dynamics and capital-raise profile.

Regional players

• Buru Energy: ASX-listed oil and gas exploration and production company focused on the Canning Basin in Western Australia. Comparable as a small-cap Asia-Pacific region upstream operator with producing and exploration assets, though focused on a different geography (Australia onshore).
• PXP Energy: Philippines-focused upstream oil and gas company holding a 12.5% interest in SC-80/SC-81 alongside Sunda and Triangle Energy. Comparable as a Philippines-region E&P and direct JV partner on Sunda's Sulu Sea asset.
• The Philodrill Corporation: Philippines-incorporated upstream oil and gas company with diversified Philippines exploration and production interests, including the 12.5% SC-80/SC-81 stake alongside Sunda and Triangle. Comparable as a Philippines-region E&P and direct JV partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/SundaEnergy
• LinkedInlinkedin.com/company/sunda-energy-plc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sunda Energy