Sapura Energy finally gets go-ahead for Sarawak gas fields

June 3, 2018

Dateline 2018-04-12, The Edge:

The long-awaited go-ahead for the development of three gas fields off Sarawak provided a huge boost to flagging Sapura Energy Bhd, with its market capitalisation boosted by more than half a billion ringgit as its share price rallied sharply yesterday.

Sapura Energy logged its largest single-day price gain since its listing six years ago to finish a fifth higher to 64.5 sen after it announced it was proceeding with the development of the Gorek, Larak and Bakong gas fields off Sarawak under phase one of the SK408 production sharing contract (PSC).

The PSC follows a final investment decision (FID) made after the fields development plan received Petroliam Nasional Bhd’s approval. Concurrently, the key terms of the gas sales agreement for the gas fields’ development have been agreed upon.


SapuraKencana strikes gas at final SK408 Block well offshore Malaysia

November 20, 2014

Dateline 2014-08-29, Oil & Gas Technology:

SapuraKencana Energy Sarawak (SKE), a wholly-owned subsidiary of SapuraKencana Petroleum, has made another gas discovery from Bakong-1, the fifth and final well in its 2014 drilling campaign within the SK408 Production Sharing Contract (PSC) area, offshore Malaysia

SapuraKencana strikes gas at final SK408 Block well offshore Malaysia

Bakong-1 is a significant discovery with a gross gas column in excess of 600 metres in the primary target reservoir within the Late Miocene Carbonates.

This discovery augments the earlier announced four well discoveries made on 9 June 2014 and completes the five well drilling programme slated for this year as part of the SK408 work campaign.

SKE is the operator with a 40 per cent working interest with partners Petronas (30 per cent) and Sarawak Shell (30 per cent) holding the remaining interest.

SK408 Block is located in shallow waters approximately 120 kilometres offshore Sarawak covering an area of approximately 4,480 square kilometres in the prolific Central Luconia Gas Province.