PEARL Energy completes Ku Larb exploration wells in Block B 5/27

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.

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CHEVRON THAILAND

CHEVRON THAILAND AND PARTNERS GET GO-AHEAD FOR NORTH JARMJUREE PRODUCTION
This is news concerning Chevron but issued by a Chevron subsidiary, Chevron Offshore (Thailand) Ltd., and archived here for record purposes
BANGKOK, November 13, 2000 -- Chevron Offshore (Thailand) Ltd. today announced that the Government of Thailand has approved its plan for development of North Jarmjuree, a 500-square-kilometer offshore production area.
The North Jarmjuree production area (PA) lies in the Gulf of Thailand, about 125 miles offshore Bangkok in a water depth of approximately 250 feet (75 meters).
North Jarmjuree was identified as a commercial hydrocarbon production area in late 1999, following the drilling of the Jarmjuree-4 well, one of several successful exploration wells in this geologic trend. It is the fourth production area granted to the Block B8/32 concessionaires by the Thai government's Department of Mineral Resources (DMR). The DMR approved Chevron's development plan for this area earlier this year. The North Jarmjuree production area will extend production to the western edge of the B8/32 concession.
Reserve potential of Block B8/32 including the four known fields, Tantawan, Benchamas, Maliwan and North Jarmjuree, is estimated to be over 2.5 trillion cubic feet of gas and 350 million barrels of oil.
Chevron, operator for Block B8/32, holds 51.66 percent interest, acquired as a result of its purchase of Rutherford Moran in 1999. The company assumed operatorship of Block B8/32 on October 1, 1999. Partners with Chevron in the prolific B8/32 concession are Thaipo, a subsidiary of U.S.-based Pogo Producing Co. (46.34 percent) and Bangkok-based Palang Sophon (2 percent).
Jay Pryor, managing director of Chevron's Thailand business unit, praised the Thai government and the DMR for its commitment to the consortium's efforts in developing Thailand's energy resources. The DMR worked closely with Chevron throughout the process in areas of geology, economics, reserves and development planning. The result was an excellent effort by both groups to understand and determine what was required to make the production area application successful.
"North Jarmjuree is our fourth success in the Gulf of Thailand, and we're optimistic that it represents the most recent in a series of future exploration and production successes," added Pryor, noting that the new area is adjacent to other "hot prospects" -- which will be the focus of the consortium's future exploration.
Current natural gas production from Block B8/32 is approximately 145 million cubic feet of natural gas per day, an increase of more than 20 percent since Chevron took over as operator of the Block in October, 1999. Crude oil production is approximately 35 thousand barrels per day, more than double the amount that was on production at the time Chevron acquired its interest.
Natural gas produced from the Block B8/32 is sold under contract to Petroleum Authority of Thailand (PTT) and the crude oil is exported via adjacent Floating Storage facilities.
Notes to Editors:
Chevron is known for its long-term participants in regional growth opportunities. Founded in San Francisco 120 years ago, Chevron is credited with discovering oil in the Middle East in the 1920's and was the pioneering company in Kazakhstan, where it operates the Tengiz oil field with reserves estimated between 6 and 9 billion barrels of recoverable oil. Chevron is active in more than 100 countries.
A half-owner of Caltex Petroleum Corp., which is active in refining and marketing in 18 Asian nations, Chevron's Asian exploration and development roots began with the discovery of oil in Indonesia 80 years ago. The company is today seeking additional exploration and development opportunities throughout the Pacific Rim.

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