KUALA LUMPUR (June 11): Sapura Energy Bhd said it has discovered its ninth gas exploration well in offshore Bintulu, Sarawak following the completion of its drilling campaign within Block SK408 in 2017.

The group said the ninth well was discovered by its wholly-owned subsidiary, Sapura Exploration and Production (Sarawak) Inc, and its two partners, Sarawak Shell Bhd and Petronas Carigali Sdn Bhd.

Codenamed Pepulut-1, Sapura Energy said the ninth well encountered high quality reservoir within the Block SK408 production sharing contract.

The well's discovery comes after the group's recent announcement of its development plans for Gorek, Larak and Bakong fields as phase one in the Block SK408.

Sapura Energy president and group chief executive officer Tan Sri Shahril Shamsuddin said the discovery was part of a series of successful results found in its work to understand the geologic fundamentals of the region.

“This successful gas discovery is attributed to the strength and capabilities of our exploration, subsurface and drilling teams whose combined expertise has resulted in a number of significant discoveries,” Shahril said in a media statement.

“In line with our strategy to unlock the value of our gas fields and enhance long-term earnings visibility of our exploration and production (E&P) business, we will focus on realising the full potential of our highly prospective gas fields in SK408 and strengthening our E&P portfolio” he added.

Sapura Energy was the second most actively traded counter today, with 98.92 million shares changing hands, equivalent to 1.65% of its share capital. The stock closed unchanged at 63.5 sen, for a market capitalisation of RM3.81 billion.