Sapura Energy Berhad (“Sapura Energy” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Sapura Exploration and Production (Sarawak) Inc. (formerly known as SapuraKencana Energy Sarawak Inc.) (“Sapura E&P”) and its partners, PETRONAS Carigali Sdn Bhd and Sarawak Shell Berhad, have taken Final Investment Decision (“FID”) to develop the Gorek, Larak and Bakong fields as phase 1 in the SK408 Production Sharing Contract.

The FID follows the Field Development Plan approval from Petroliam Nasional Berhad (“PETRONAS”) and concurrently, the signing of the key terms to the gas sales agreement for phase 1 of the SK408 gas field development.

The fields under the SK408 gas field development project are part of the discoveries made by Sapura E&P in its 2014 drilling campaign.

The fields will be developed as three separate wellhead platforms tied back to the existing processing facility and to the MLNG complex. The SK408 gas fields will be Sapura E&P's second major upstream gas development project in East Malaysia, after the successful development and commencement of production from the SK310 B15 gas field.

Sapura E&P is the development and production operator of the Larak and Bakong fields while Sarawak Shell Berhad is the development and production operator of the Gorek field. Sapura E&P has working interest with partners PETRONAS Carigali Sdn Bhd and Sarawak Shell Berhad. 

A copy of the press release is attached herewith.

The announcement is dated 11 April 2018.