SINGAPORE, 9 May 2006 – Further to our announcement dated 28 April 2006 (see SGXNET
Announcement No. 89), PEARL Energy Limited (“PEARL” or the “Company”) announces the
completion of the Ku Larb-1A and Ku Larb-1B exploration wells in Block B 5/27 in the Gulf of
Thailand.
Ku Larb-1A was drilled to test an exploration prospect located 5.9 km to the northwest of the Jasmine
DEL-10A exploration well completed in May 2005 (see SGXNET Announcement No. 73 of 11 May
2005). Ku Larb-1A was drilled to a total measured depth of 5,827 feet. The well was plugged and
abandoned on 2 May 2006.
Ku Larb-1B was drilled directionally from the same surface location as Ku Larb-1A to a total measured
depth of 6,656 feet with a bottomhole location 1,410 metres away from the Ku Larb-1A bottomhole
location. The well was plugged and abandoned on 5 May 2006.
Neither Ku Larb-1A nor Ku Larb-1B encountered significant hydrocarbons. The ENSCO 107 jack-up
drilling rig will now move to the Ban Yen-2A location.
The 60-day drilling program is slated to comprise a minimum of six exploration wells within and
around the Jasmine PA to assess additional oil prospects in the vicinity of the Jasmine field that may
be commercially viable using existing infrastructure.
The Jasmine oil field commenced production from Platform A in June 2005 and in August last year
PEARL approved the construction and installation of two additional platforms at the B and C locations
following a successful five-well exploration campaign. Platform B will be located 3.7 km northwest of
the Jasmine Venture MV7 floating production, storage and offloading (“FPSO”) vessel and Platform C
will be situated 4 km south of the FPSO.
PEARL contracted the ENSCO 107 jack-up rig from ENSCO Oceanics Company.
Cautionary Note
Investors are advised to exercise due care and caution when trading in our shares. The results of
exploration, development and production are uncertain and may involve unprofitable efforts, not only
from dry wells, but from wells that are productive but do not produce sufficient revenues to return a
positive cash flow after drilling, development and operating expenses and other costs.
Background
PEARL is a Singapore-based oil and gas company engaged in the exploration, development and
production of oil and gas exclusively in Southeast Asia.
Since 2002, PEARL has built a portfolio of exploration, development and production assets in 10
contract areas covering about 34,500 sq. km of gross acreage in Indonesia, the Philippines and
Thailand. Four of the contract areas contain fields producing oil and provide a source of cash flow for
the Group as it explores and develops prospective assets.
Block B 5/27 is located offshore in the Gulf of Thailand and covers an area of 1,931 sq. km.
Platform B and Platform C will be connected via sub-sea pipeline to the Jasmine Venture MV7 FPSO
located close to Platform A. Both platforms are expected to be in production by the second quarter of
2007.
100% interest in Block B 5/27 is held by PEARL’s 70%-owned subsidiary, PEAROIL (Siam) Limited
(“PEARL Siam”). The remaining 30% equity interest in PEARL Siam is held by Choice Plus Holdings
Limited. PEARL Siam is the operator of Block B 5/27.
The Directors of the Company (including those who have delegated detailed supervision of this
announcement) have taken all reasonable care to ensure that the facts stated in this announcement
are fair and accurate and that no material facts have been omitted from this announcement, and they
jointly and severally accept responsibility accordingly.
.JPG)
.JPG)
