"This latest discovery at Kakap further confirms our view that there is significant exploration potential across our deepwater Sabah acreage," said Claiborne P. Deming, Murphy Oil Corporation President and Chief Executive Officer. "Kakap is a new discovery in Block K and we are currently studying the options for its development. We found high quality oil in multiple sands with excellent reservoir properties in the Kakap #1 well, and subsequently sidetracked the discovery well and recovered full cores in each of the main reservoirs," he added.
Murphy as operator, has an 80% working interest in Block K, which covers over four million acres. PETRONAS Carigali Sdn. Bhd., a wholly owned exploration and production arm of PETRONAS, holds the remaining 20%.
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