The Chang Daeng 3 well was the final commitment well under the current exploration period granted by the Government of Thailand, which expires in October 2005.
"Chang Daeng 3 was a commitment that Pearl assumed when it acquired its assets in Thailand. This well completes all such commitments. We will undertake a complete reassessment of potential in the block before making any decision on our future strategy," said Chris Gibson-Robinson, PEARL's Chief Technical Officer.
Under the terms of the farm-out arrangement with Horizon Oil (Thailand Holdings) Limited and Tana International Exploration Company, Pearl will bear 35% of the costs of the Chang Daeng 3 well, Horizon and Tana 25% of the costs each and Choice Plus Holdings Limited15%.
Horizon and Tana have exercised their option to relinquish their interests in the Block B 11/38 contract area. Pearl's shareholding in the block will revert back to 70% from 35% and that of Choice Plus reverts to 30% from 15%.
The ENSCO 57 jack-up rig has been released.
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