Matahio Completes SPA for New Zealand Asset Divestment

At Matahio, we believe Progressive Energy is defined by deliberate choices. Our growth is driven by a clear understanding of where we can add the most value and how we can best support the global energy transition.

In a significant milestone for our 2026 strategic roadmap, Matahio entered into a Share Purchase Agreement (SPA) with Sunda Energy for the 100% divestment of our New Zealand business (MENZL). This transaction marks the successful completion of a high-value chapter in Taranaki and a "sharpening of the spear" for our core ambitions in Southeast Asia.

Building a Platform of Excellence

Since 2023, the Matahio team has managed the New Zealand assets—including the Cheal, Cheal East, Sidewinder, Puka, and Supplejack permits—with a philosophy of disciplined stewardship. Our tenure in New Zealand was characterised by technical rigour and innovative resource management:

• Sustained Operational Momentum: Through sophisticated well intervention and workover programs, we maintained consistent production levels.
• Asset Maturation: We successfully executed infill drilling and matured the wider Cheal Plan of Development.
• Infrastructure Innovation: We pioneered a specific gas strategy, including successful gas storage trials at the Sidewinder facility, proving the versatile potential of these assets.

The Power of a Right-Fit Partnership

Divestment is as much about the future of the assets as it is the future of the company. This transaction was built on a sophisticated M&A framework designed to weather market volatility. By introducing constructs that allow for oil price upsides for both parties and utilising deferred and contingent payment structures, the deal demonstrates Matahio’s agile approach to complex transaction modelling. In Sunda Energy, we have found a partner who shares our commitment to operational excellence.

Continuity and Care: The New Plymouth Team

A core priority in this SPA was the transition of our New Plymouth-based team. Ensuring that our people transition with the business provides Sunda Energy with immediate technical continuity and ensures that the local community in Taranaki continues to benefit from the expertise of a world-class workforce.

The Southeast Asian Horizon

This divestment is a clear step forward in Matahio’s long-term strategy. By optimising our portfolio, we are sharpening our focus on the high-growth markets of Southeast Asia, specifically our expanding footprints in the Philippines and Thailand. This move provides the capital and management bandwidth to advance our most pioneering opportunities. We are moving toward a leaner, more focused future, where every asset in our portfolio is aligned to deliver our sustainable growth strategy.