New Zealand – Taranaki

Sunda Energy is acquiring a 100% working interest in and operatorship of four permits; Cheal, Cheal East, Sidewinder, and Puka, in Taranaki, North Island, New Zealand (the “Assets”)*. Together, the Assets produce c.1,000 boepd with scope to more than double this through exploration and infield development projects.

The Assets are located onshore New Zealand’s North Island in the Taranaki Region. Sunda is acquiring* a 100% working interest in and assuming operatorship of the assets, with the acquisition expected to complete in Q3 2026.

The Taranaki region is prolific for oil and gas, with Cretaceous and Tertiary age reservoirs and petroleum systems.

As part of its acquisition of the Assets, the established, highly-qualified operating team in Taranaki will join Sunda. The Company intends to pursue further growth projects across the New Zealand acreage.

Cheal / Cheal East

Cheal (PMP 38164) and Cheal East (PMP 60291) are both producing oil and gas permits with 17 producing wells, 5 water injection wells and 1 water source. Together they averaged 900 boepd in 2025, with 2P reserves of  2 MMboe.

Cheal and Cheal East’s facilities comprise a production station, remotely-operated outlying sites, and associated pipelines.

Oil from the site is delivered by road to a tank farm approximately 50km away in New Plymouth. Gas, meanwhile, is exported directly into the domestic pipeline network.

Sidewinder

The Sidewinder (PMP 53803) oil and gas production permit averaged 127 boepd in 2025. The permit has 2P reserves of  0.3 MMboe.

The Sidewinder site is a normally unmanned facility controlled directly from the main Cheal Production Facility. Oil is temporarily stored on-site before collection by road transport, whilst gas is treated to specification and exported directly into the adjacent domestic pipeline network.

The Sidewinder field is also being prepared for gas storage, switching between injection and production to meet fluctuations in demand and price for domestic gas. Subject to approvals from the New Zealand regulatory authorities, it is anticipated that the Sidewinder gas storage scheme will commence normal operations in late 2026. This project is a landmark initiative in line with New Zealand’s energy security strategy.

Puka

Puka (PEP 51153) is located directly East of Cheal / Cheal East. The field is currently suspended but is being prepared for restart of gas production. The permit has 2P reserves of 0.3 MMboe.

The permit also includes the Oru exploration prospect which has P50 prospective resources of 2.4 MMboe. The prospect lies immediately adjacent to the Puka field and other discoveries and is therefore considered low risk (63% chance of success). The Oru-2 exploration well is scheduled for late 2026 or early 2027 and has the potential to materially increase production from the Assets.

A breakdown of the prospective recoverable resources of the Oru prospect: