Sapura Makes Maiden Foray into Oz Exploration

Global integrated oil and gas services provider Sapura Energy, through a wholly-owned subsidiary,  has made its maiden foray into Australia through farm-in agreements to three offshore exploration permits held by Perth-based Finder Exploration, Sapura said September 4.

“Our entry into Australia marks another significant milestone for our upstream business as we continue to pursue growth in line with our strategy to expand our portfolio and acreage position,” Sapura’s president and group CEO Tan Sri Dato’ Seri Shahril Shamsuddin said.

Following the signing of the farm-in agreements with Finder and subject to securing requisite regulatory approvals, the subsidiary, Sapura Upstream, will acquire interests in blocks EP 483 and TP/25, WA-412-P, and AC/P 61, the company said.

All three exploration permits are located within the North West Shelf province off Western Australia. The EP 483 and TP/25 permit is close to infrastructure, in shallow water at the southern margins of the Carnarvon Basin while the WA-412-P permit is located in the northern Carnarvon Basin, adjacent to several large oil and gas fields, Sapura said.

On completion, Sapura Upstream will acquire a 70% interest in all three exploration permits and assume operatorship, while Finder will retain a 30% interest in the permits.

With the farm-in, the joint venture plans to drill two exploration wells in the Carnarvon Basin permits during 2019-2020 and acquire seismic data in AC/P 61 permit during 2019 in order to mature these potential drilling locations, the company said.

Finder is a private oil and gas company.