Oil & gas giant sees
technical gains from New Zealand project

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KUALA LUMPUR, MALAYSIA
-�Media OutReach�- November 26,
2018 -�Sapura Energy Bhd's foray into
New Zealand earlier this year could be the catalyst, not just for economic
growth for the country, but also significant technical collaboration involving
Sapura Energy, one of the biggest integrated oil & gas players in the
world.

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The Malaysian New Zealand Chamber
of Commerce (MNZCC) acknowledged that this could be an excellent opportunity
for both parties to benefit, especially in the field of technical training and
skills development.

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Areas that could be of interest
include safety and the environment. New Zealand is already an established
player in these very two critical aspects in the industry.

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Chairman of MNZCC Bruce Hope
feels that prominent Malaysian oil & gas players such as Sapura Energy
stand to gain from New Zealand's cutting-edge technical expertise and technology.

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"New Zealand is a global leader
in safety and the environment. We have pioneered the use of virtual reality
(VR) in the area of technical training. We would like to see more Malaysians
conduct this training in New Zealand," said Hope.

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MZNCC promotes and fosters
bilateral trade, services and investment between Malaysia and New Zealand. Hope
added that both countries should look forward to increased trade growth from
the Sapura Energy projects in the region for the many years to come.

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Sapura Energy President and Group
CEO Tan Sri Shahril Shamsuddin is equally optimistic about the company's
progress into the New Zealand market.

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"We are excited about our entry into New Zealand which may
open up opportunities in a proven area for Sapura E&P," said Shahril after
the deal was announced earlier this year.

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�"This is a strategic
entry for Sapura E&P and we will be working with our partners to mature
potential drilling locations prior to making well commitments. The joint
venture will see Sapura E&P utilising its sub-surface technical expertise
to support the exploration activities within these exploration areas," Shahril
said.

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In March this year, Sapura Exploration & Production
(Sapura E&P) entered the New Zealand market with several offshore
exploration permits within the prolific Taranaki basin in the country, with
approvals from the New Zealand government.

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Sapura E&P is a wholly-owned subsidiary of Sapura
Energy. It signed farm-in agreements with OMV New Zealand and Mitsui E&P
Australia for five offshore permits. The deal includes offshore exploration
permits PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.

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All of the offshore exploration permits are located in
shallow water within the prolific oil and gas region of the Taranaki basin,
with total discovered volumes of more than 2.5 billion barrels of oil
equivalent to date.

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The deal will provide Sapura Energy with access to a
footprint of more than 8900 square kilometres. The participating interests of
PEP 57075 and PEP 51906 are held by Sapura E&P (30%) and OMV (70%) while
participating interests of PEP 60091, PEP 60092 and PEP 60093 are held by
Sapura E&P (30%), OMV New Zealand Limited (40%) and Mitsui (30%). All five
exploration permits will be operated by OMV.

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