Pearl Secures Rig for Block B 5/27 Exploration in 2006

Pearl Energy has contracted the ENSCO 107 jackup for a 60-day exploration drilling program scheduled to start in March 2006 in the Block B 5/27 contract area offshore in the Gulf of Thailand.

The drilling program will comprise six exploration wells, three within the Jasmine production area, one well to the north and two wells to the south of the Jasmine production area but all within Block B 5/27.

The Jasmine oil field commenced production from Platform A in June 2005 and is producing at a rate of about 10,000 barrels of oil per day. In August, Pearl approved the installation of a second platform, Platform B, approximately 3 km northwest of Platform A and the installation of a third platform, Platform C, to be located 3.2 km south of Platform A.

"Given the success of our 2005 drilling and the establishment of the Jasmine producing infrastructure, we intend to explore oil prospects in the vicinity that can be quickly tied-in to the Jasmine Venture floating production, storage and offloading vessel via Platforms B and C. We plan six wells at present but if successful, we will attempt to extend the drilling contract and drill one or more sidetracks from each surface location to establish the reserves of each prospect area such that additional platforms can be designed and installed," said Chris Gibson-Robinson, Pearl's Chief Technical Officer.

Block B 5/27 is located offshore in the Gulf of Thailand and covers an area of approximately 1,931 sq km.

Platform B and Platform C will be connected via sub-sea pipeline to the Jasmine Venture MV7 floating production, storage and offloading vessel located close to Platform A. Both platforms are expected to be in full production by the second quarter of 2007.

Pearl intends to certify the Group's reserves at the end of 2005 at which time the reserves associated with Platforms B and C will be added to the Group's existing reserve base.

100% interest in Block B 5/27 is held by Pearl's 70%-owned subsidiary, PEARLOIL (Siam) Limited. The remaining 30% equity interest in Pearl Siam is held by Choice Plus Holdings Limited. Pearl Siam is the operator of Block B 5/27.

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