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SINGAPORE, 18 December 2006 – PEARL Energy Limited (“PEARL” or the “Company”) announces that its subsidiary, Pearl Oil Offshore Limited (“PEARL Offshore”), has been conditionally awarded the petroleum contract for Block G2/48 in the northern section of the Gulf of Thailand.
PEARL Offshore will hold 100% interest in Block G2/48 and will be the operator. The block covers an area of 19,040 sq. km and is located to the immediate north of the PEARL-operated Block B5/27, which contains the Jasmine oil field and accounts for approximately half of the Group’s total daily net working interest oil production “Block G2/48 is under explored with only limited seismic data but it offers several potentially interesting leads given its position at the northernmost part of the Pattani Basin and with the East Kra Basin to the west. This concession significantly enhances our exploration portfolio in Thailand where we have enjoyed continuing success with the Jasmine development,” said Chris Gibson-Robinson, PEARL’s Chief Operating Officer.
Background
PEARL
PEARL is a Singapore-based oil and gas company engaged in the exploration for, and development and production of oil and gas resources. Since the Group’s first acquisition in 2002, it has built up a portfolio of exploration, development and production assets in 11 contract areas covering approximately 50,425 sq. km of gross acreage in Indonesia, Thailand and the Philippines. PEARL also has been conditionally awarded, as operator, the 4,148 sq. km Block 06/94 offshore Vietnam subject to the signing of the final Production Sharing
Contract.
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.
PEARL Offshore
PEARL Offshore is wholly owned by PEARL’s 70%-owned subsidiary, PEARLOIL (Siam) Limited (“PEARL Siam”). The remaining 30% equity interest in PEARL Siam is held by Choice Plus Holdings Limited.
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