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Pearl Oil Spuds Anchan-1 Well

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MEO Australia Limited advised that Pearl Oil Offshore Limited (an affiliate of Mubadala Petroleum) has commenced drilling in the Gulf of Thailand G2/48 Concession with the spudding of Anchan-1 at 23:00 hours (local time) Nov. 15. This well is expected to take approximately 7-10 days to drill and will fulfill the Permit Year 5 obligation. As the Year 5 obligation is prior to MEO's entry to the Concession, Pearl Oil is drilling Anchan-1 at its sole expense.

Anchan-1 is designed to test an oil prospect situated close to the NW-SE trending bounding fault to the Rayong Basin. The primary objective of this well is to evaluate a 4-way dip closure overlying a relay-ramp basement block.

Immediately after Anchan-1 has been completed, Sainampueng-1 will be drilled from the same surface location and will fulfil the Permit Year 6 obligation.

"We are very pleased to be partnering with Pearl Oil and look forward to a safe and successful drilling program," MEO's CEO and MD Jürgen Hendrich commented.

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