Pearl Energy Gives Results of Delineation Wells in Thai Gulf

Pearl Energy reports the preliminary results of the DEL-11A and DEL-11B delineation wells in the Block B 5/27 contract area in the Gulf of Thailand.

DEL–11A and DEL-11B were wells drilled directionally from the DEL-11 surface location 3.2 km south of PEARL's existing offshore production platform, Platform "A", to investigate the thickness and lateral extent of potential hydrocarbon accumulations in separate fault blocks.

The DEL–11A delineation well was drilled to a total measured depth of 6,320 feet. The well was logged and preliminary evaluation indicates that the well intersected approximately 58 vertical feet of net oil-bearing sandstones in seven reservoir intervals.

The DEL–11B delineation well was drilled to a total measured depth of 7,415 feet, with a bottomhole location 600 meters away from the DEL–11A bottomhole location. Preliminary evaluation from well logs indicates that DEL-11B intersected approximately 196 vertical feet of net oil-bearing sandstones in nine reservoir intervals and approximately 11 vertical feet of net gas-bearing sandstones in two reservoir intervals.

"The successful results of the DEL-11A and DEL-11B wells have confirmed our confidence in our seismic interpretation based on the high resolution 3D seismic data we acquired in 2004. We have a wealth of information from these two wells that will be evaluated to determine whether it will be commercially justified to install a production platform in the DEL-11 area," said Chris Gibson-Robinson, Pearl's Chief Technical Officer.

The DEL-11A and DEL-11B wells, together with the DEL-10A, DEL-10B and DEL-10C delineation wells, completes PEARL's planned delineation drilling program for 2005 in the Block B 5/27 contract area.

DEL-11A and DEL-11B delineation wells will be plugged and the ENSCO 57 jackup will move to the Bussabong field in the Block B 12/32 contract area and the Block B 11/38 contract area in the southern Gulf of Thailand for delineation drilling.

The management is reviewing the encouraging results of the DEL-10 and DEL-11 delineation programs, and is considering the addition of one or possibly two production platforms to recover hydrocarbons encountered in these two geological structures.

Until further evaluation is completed and a decision is made regarding the construction and installation of additional platforms in the Block B 5/27 contract area, the preliminary results of the DEL-10 and DEL-11 delineation programs are not expected to have a material effect on the performance of the Pearl group of companies.

Pearl Oil Thailand holds a 100% interest in Block B 5/27, which is wholly-owned by Pearl's 70%-owned subsidiary, Pearl Oil (Siam) Limited. The remaining 30% equity interest in PEARL Siam is held by Choice Plus Holding. Block B 5/27 is located in the Gulf of Thailand and covers an area of approximately 1,931 sq km.

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