"We are very pleased to welcome PEARL Energy as our newest oil producer with the announcement of production from the Jasmine field. This new production will help to reduce Thailand's dependence on imported oil," said Khun Nopadon Mantajit, Director General of Thailand's Department of Mineral Fuels.
Production at the Jasmine offshore platform A has been achieved in 17 months since PEARL completed the acquisition of Block B 5/27 in January 2004, and comes one month ahead of the Company's initial projection of a July start-up.
"Starting production ahead of our July 2005 target was only possible due to the efforts of each of our employees, and the close working relationships we have developed with our major contractors," said Murray Hesje, PEARL's Chief Operating Officer and President of PEARL's Thailand operations.
The Jasmine field commenced production on June 7, 2005 from three development wells connected via a short pipeline to the Jasmine Venture MV7 floating production, storage and offloading vessel.
PEARL is also evaluating data from a series of delineation wells drilled in the DEL-10 and DEL-11 areas nearby Platform A to assess the size of the hydrocarbons in place and to determine whether it is commercially justified to construct and install one or possibly two additional production platforms.
PEARL intends to sell the oil produced from Jasmine Platform A into Thailand's domestic market.
Pearl projected that Jasmine would contribute 1.632 million barrels in 2005. The early production start-up, as well as the four additional development wells, increase confidence that PEARL will meet this projection. Final stabilized production rates will not be known until all wells have begun to produce.
100% interest in Block 5/27 is held by PEARL OIL (Thailand) Limited ("PEARL Thailand"), which is wholly owned by PEARL's 70%-owned subsidiary, PEARL OIL (Siam) Limited ("PEARL Siam"). The remaining 30% equity interest in PEARL Siam is held by Choice Plus Holdings Limited. PEARL Thailand is the operator of Block B 5/27.
Block B 5/27 is located offshore in the Gulf of Thailand and covers an area of approximately 1,931 sq km.
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