Sapura Upstream Sdn. Bhd. (formerly known as Sapura Exploration and Production Sdn. Bhd.) (“Sapura Upstream”), a wholly-owned subsidiary of Sapura Energy Berhad, is pleased to announce its first foray into Australia via the farm-in to 3 offshore exploration permits held by Finder Exploration Pty Ltd (“Finder”), a private oil and gas company based in West Perth, Australia. Following the signing of Farm-in Agreements on 4 September 2018 and subject to securing the requisite regulatory approvals, Sapura Upstream will acquire interests in blocks EP 483 & TP/25, WA-412-P, and AC/P 61.

All 3 exploration permits are located within the highly prolific North West Shelf oil and gas province off Western Australia. The EP 483 & TP/25 permit is located close to infrastructure, in shallow water at the southern margins of the Carnarvon Basin. The WA-412-P permit is located in the northern Carnarvon Basin, adjacent to several large oil and gas fields. Both Carnarvon Basin permits contain high quality, drill ready prospects offering significant upside potential. The AC/P 61 permit is located in the Vulcan Sub-basin, where it is surrounded by oil and gas discoveries and contains numerous prospects and leads.

Completion of the farm-in is subject to the parties securing the requisite regulatory approvals. On completion, Sapura Upstream will acquire a 70% interest in all 3 exploration permits and will assume operatorship, while Finder will retain a 30% interest in the permits. With the farm-in, the joint venture plans to drill 2 exploration wells in the Carnarvon Basin permits during 2019-20 and acquire seismic data in AC/P 61 during 2019 in order to mature potential drilling locations.

A copy of the press release is attached herewith.

This announcement is dated 4 September 2018.