Sapura Energy signs pact for NZ permit

PETALING JAYA: Sapura Energy Bhd’s wholly-owned subsidiary Sapura Exploration and Production (NZ) Sdn Bhd has secured farm-in agreements into five offshore exploration permits within the Taranaki Basin, in New Zealand, each of which it will hold 30% interest.
The group’s board of directors said the exploration permits are for the prolific oil and gas region, where a total of more than 2.5 billion barrels of oil equivalent have been discovered to date.
The farm-in agreements, which has secured the New Zealand government approval, are with OMV New Zealand Limited (OMV) and Mitsui E&P Australia Pty Limited, and provide access to a large acreage footprint of more than 8,900 sq km.
Sapura Energy was the most actively traded counter with 133.33 million shares changing hands. The stock gained 2.73% to close at 56.5 sen.