PEARL has secured the tender assist rig MTR-2 from Mermaid Maritime Limited for the development drilling program associated with the installation of two additional production platforms on the Jasmine oil field. The MTR-2 is the same rig that PEARL used to drill the successful development wells for the existing production platform ("Platform A") in March and April 2005. The development drilling program is slated to begin late in the fourth quarter of 2006 and to be completed in the second quarter of 2007.
Under the development plan, a second production platform ("Platform B") will have 10 to 12 production wells and 8 to10 water injection wells, and a third platform ("Platform C") will have 8 to 10 production wells. Both platforms are expected to be on full production in the second quarter of 2007.
"High oil prices have translated into a very tight drilling rig market but PEARL has successfully secured the rig for its development program next year. This completes a second major step in the development of the Jasmine B and C platforms, which are under design and construction now," said Murray Hesje, PEARL's Chief Operating Officer and President of PEARL Oil (Thailand) Limited.
The Block B 5/27 contract area is located offshore in the Gulf of Thailand and covers an area of approximately 1,931 sq km.
The Jasmine oil field commenced production from Platform A in June 2005 and is producing at a rate of just over 10,000 barrels of oil per day to the permanently moored Jasmine Venture MV7 floating production, storage and offloading vessel ("FPSO") located 1.8 km northeast of Platform A. Platforms B and C will be connected to the FPSO. Platform B will be installed approximately 3 km northwest of the FPSO and Platform C will be installed 4 km due south of the FPSO.
PEARL intends to certify 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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