Abu Dhabi, 30 October 2007 - Aabar Petroleum Investments Company PJSC (“Aabar”) has announced that net revenues in the third quarter 2007 climbed 83% to AED 457 million from AED 250 million in the same period a year ago following an increase in the group’s oil production from its continuing operations in Southeast Asia.

“We continue to see growth in production in Thailand at a time when oil prices remain at high levels. The increased revenues and production has led to higher charges for royalties, depreciation and income tax but at the same time we are seeing some reduction in the costs of sales as our operations benefit from economy of scale. We are also using cash flow to continue our exploration activities, which are essential for the future organic growth of the company,” said Sohail Al Mazrui, Aabar’s Chairman.

Net oil production through Aabar’s Pearl subsidiaries averaged 19,932 barrels of oil per day (“bopd”) in the third quarter, up from 19,451 bopd in the second quarter of the year. The company brought on stream two additional production platforms, Jasmine B and C, in Block B 5/27 in the Gulf of Thailand in the first half of 2007.

Operationally activity continued at a brisk pace with three seismic acquisition programs completed in Thailand in the July to September period and one 730 sq. km 3D program in Vietnam. Our team in Jakarta submitted to the Indonesian  authorities a plan of development for contingent gas resources in the newly named Ruby field in the Sebuku production sharing contract offshore east Kalimantan. Indonesia also approved the start of production at the Mengoepeh South discovery, where a single exploration well in May confirmed a new oil accumulation 2.5 km south of the existing Mengoepeh field.

Design and fabrication work continued to schedule for the B2 annex process platform for the Jasmine oil development as well as the Jasmine D production platform. Construction also commenced for the Ban Yen A production facility, which will be installed to the south of the Jasmine Production Area and will produce to the Jasmine Venture floating production, storage and offloading vessel. All three platforms are due to begin operations in the first half of 2008.

Aabar’s drilling division, Dalma Energy, delivered two rigs to Repsol YFP in Algeria in the third quarter 2007 bringing its fleet of operating rigs under contract to 22. The newly delivered rigs are under commissioning and acceptance testing.

Following Aabar’s announcement on 29 July 2007 regarding an agreement for the sale of Dalma Energy pending shareholders’ approval, Dalma Energy has been classified as a discontinued operation in the third-quarter financial report. The consolidated results for the year-ago period have been restated. Earlier Dalma, when it was a continuing operation, contributed approximately 22-23% of Aabar’s total net revenue.

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