PETALING JAYA: Sapura Energy Bhd's share price rose 5.51% at early trade this morning after it made its ninth gas discovery offshore Sarawak, following the completion of its 2017 drilling campaign within the SK408 production sharing contract (PSC).
At 10.19am, Sapura Energy was the top active stock on the local bourse, trading at 67 sen with 219.23 million shares changing hands.
In a filing with Bursa Malaysia yesterday, the group said the Pepulut-1 exploration well was drilled and encountered high quality reservoir. The well is located offshore Bintulu, Sarawak in Block SK408.
The Pepulut-1 gas discovery is a continuation of its wholly owned subsidiary, Sapura Exploration and Production (Sarawak) Inc’s exploration successes in the highly prolific area of SK408.
The discovery is also another significant milestone for Sapura Energy following the recent announcement of its development plans for Gorek, Larak and Bakong fields as Phase 1 in the SK408 PSC.