Sunda Energy PLC (AIM:SNDA, FRA:GHA0), the exploration and appraisal company focused on gas assets in the Asia-Pacific region, has applied for a permit to explore an offshore area of New Zealand's Taranaki Basin.
The area, off the west coast of the North Island, covers roughly 645 square kilometres and contains the Awakino gas condensate field, first drilled in 1985.
The application marks another step in Sunda's push into New Zealand, following its conditional acquisition of Matahio Energy NZ, announced in April.
If the permit is granted, Sunda has committed to studying existing well and field data and, within 36 months, reprocessing 450 square kilometres of 3D seismic data.
The work is designed to map the gas field for possible future appraisal and development.
New Zealand Petroleum and Minerals, the government agency that regulates the country's petroleum resources, has accepted the application into its open market competitive process.
That triggers a three-month window during which rival bidders can submit competing offers.
The agency will then assess the application and any competing bids before deciding whether to award the permit.
Chief executive Andy Butler said the application was consistent with the New Zealand government's policy of supporting domestic gas supply and energy security.