KUALA LUMPUR, April 24 — Petra Energy Bhd’s (PEB) wholly-owned subsidiary, Petra Energy Development Sdn Bhd (PEDSB), has secured a field operations management services contract from Vestigo Petroleum Sdn Bhd for the SK407 production sharing contract (PSC) located offshore Miri, Sarawak.
The contract involves the provision of field operations management services for five offshore fields, namely West Lutong, Baram, Tukau, Siwa, and Fairly Baram.
In a filing with Bursa Malaysia today, PEB said PEDSB received a Letter of Award (LoA) from Vestigo Petroleum on March 27, 2026, in relation to the contract.
“There is no fixed value stated in the LoA. The contract duration is two years, from April 1, 2026 to March 31, 2028,” it said.
PEB said the contract will not have any effect on its share capital and substantial shareholders’ shareholdings, and is expected to contribute positively to its earnings and net assets per share over the contract period.
“The risk factors affecting the contract comprise the operational and execution risks, which PEDSB will take appropriate measures to eliminate or minimise these risks,” it said.
“None of the directors and major shareholders of PEB and/or persons connected with them have any direct or indirect interest in the contract,” it said, adding that the contract is not subject to the approval of the company’s shareholders or any other relevant government authorities.
