The 75-day program to drill one appraisal well and two exploration wells will commence in late December 2005 or early January 2006. Once the program is completed, the rig will be released to Chevron.
“This drilling program is a critical step on the route to both commercialising our contingent gas resources in the Makassar Straits gas field and to assessing the potential of two other exploration prospects in the block. Given the tight availability of rigs for the time being, we are delighted to have secured the Shelf Explorer and to be able to press ahead with our plans for Sebuku, which is a key asset in our portfolio,” said Chris Gibson-Robinson, PEARL’s Chief Technical Officer.
The Sebuku PSC covers an area of approximately 8,773 sq km.
PEARL agreed in September (see SGXNET Announcement No. 14 of 29 September 2005) to farmout a 50% working interest in the Sebuku PSC to Fuel-X Sebuku Limited (“Fuel-X”), which will bear the cost of drilling the three wells, up to a maximum amount of US$12 million. Under the terms of the transaction, PEARL’s effective interest in the Sebuku PSC was reduced to 50% from 100% although PEARL Sebuku remains as operator of the Sebuku PSC.
PEARL is a Singapore-based oil and gas company engaged in the exploration, development and production of oil and gas exclusively in Southeast Asia. PEARL has 10 contract areas covering approximately 34,500 sq km of gross acreage in Indonesia, Thailand and the Philippines. Four of the contract areas contain fields producing oil.
PEARL’s 50% interest in the Sebuku PSC is held by PEARLOIL (Sebuku) Limited, a wholly owned subsidiary.
Fuel-X is wholly owned by Fuel-X Cyprus Limited, which is in turn wholly owned by Fuel-X International Inc., a privately owned oil and gas company incorporated in Alberta, Canada.
PEARL can be found on SGX-ST under PRL.
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