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SINGAPORE, 1 August 2006 – PEARL Energy Limited (“PEARL” or the “Company”) is pleased to announce that PEARL, together with its partners, Serica Energy Corporation (“Serica”) and Lundin Petroleum AB (“Lundin”), have been conditionally awarded the petroleum contract for Block 06/94 in the Nam Con Son Basin off Vietnam’s southern coast.
PEARL, Serica and Lundin will each hold a 33.33% interest in the contract. The block covers an area of 4,148 square kilometres and will be operated by PEARL.
Block 06/94 lies approximately 350 kilometres offshore and is the part of Block 06 which British Petroleum was obliged to relinquish in 1994 after retaining the large Lan Tay and Lan Do gas fields for development. Lan Do commenced gas production in 2002 through a pipeline to Vung Tau, near Ho Chi Minh City.
“This new block will add to our current exploration portfolio and provides PEARL with exposure to oil and gas prospects in Vietnam, a country in which we hope to build a substantial business,” said Chris Gibson- Robinson, PEARL’s Chief Technical Officer.
Background
PEARL
PEARL is a Singapore-based oil and gas company engaged in the exploration, development and production of oil and gas. Since the Group’s first acquisition in 2002, it has built up a portfolio of exploration, development and production assets in 10 contract areas covering approximately 31,645 sq km of gross acreage in Indonesia, Thailand and the Philippines. Four of the contract areas contain fields producing oil and provide a source of cash flow for the Group as it explores and develops its prospective assets.
PEARL Energy is a wholly owned subsidiary of Abu Dhabi-based Aabar Petroleum Investments Company PJSC, which is listed on the Abu Dhabi Securities Market.
Serica
Serica is a wholly owned subsidiary of Serica Energy plc, an international oil & gas exploration and production company with primary activities in the UK North Sea, Spain and Indonesia. Serica Energy plc was formed in 2004 as a result of a merger of publicly traded Kyrgoil Holding Corporation and the private Petroleum Development Associates (pda) Group of Companies. Serica Energy plc is a publicly traded company listed on the AIM Market of the London Stock Exchange and in Toronto, Canada on the TSX Venture Exchange with the share symbol ''SQZ''.
Lundin
Lundin is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of world-class assets in Albania, France, Indonesia, Ireland, Netherlands, Nigeria, Norway, Sudan, Tunisia, United Kingdom and Venezuela. The Company is listed on the O-list, Attract 40 on the Stockholm Stock Exchange, Sweden (ticker “LUPE”).
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