PEARL Energy Limited announces that PEARL, together with its partners, Horizon Oil (Siam) Ltd (“Horizon”) and Tana Resources (Thailand) Ltd (“Tana”), has been conditionally awarded the petroleum contract for Block G11/48 in the Gulf of Thailand. PEARLOIL (Thailand) Limited (“PEARL Thailand”), will hold 50% interest in Block G11/48 and will be the operator. The remaining 50% interest will be shared equally between Horizon and Tana.
Block G11/48 is located in the southern Gulf of Thailand, to the south of PEARL’s Chang Daeng (Block B11/38) and Bussabong (Block B12/32) production areas. The block covers an area of 13,600 sq. km and is adjacent to the western boundary of the Malaysia-Thai Joint Development Area, where several large gas condensate fields have been discovered.
“This is one of two blocks in Thailand in which we will strengthen our partnership with Horizon and Tana. It is extremely promising acreage and marks a significant addition to our exploration portfolio in a country where the bulk of our crude oil production is located,” said Chris Gibson-Robinson, PEARL’s Chief Operating Officer.
Background
PEARL
PEARL is a wholly owned subsidiary of Abu Dhabi-based Aabar Petroleum Investments Company PJSC, which is listed on the Abu Dhabi Securities Market, and is 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 15 contract areas covering 92,454 sq. km of gross acreage in Indonesia, Thailand and the Philippines. PEARL also has been conditionally awarded 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 Thailand
PEARL Thailand 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.
Horizon
Horizon is a wholly owned subsidiary of Horizon Oil Limited, an oil and gas company incorporated in Australia and listed on the Australian Stock Exchange.
Tana
Tana is a wholly owned subsidiary of Tana Exploration Co, a privately owned exploration and production company incorporated in Wilmington, Delaware with headquarters in Houston, Texas. Tana Exploration Co also holds interests in 72 Gulf of Mexico Blocks, 52 of which they operate.
