Thailand's Minister of Energy, Mr. Viset Choopiban presided over the signing ceremony, in which Mr. Keith Cameron, PEARL's Managing Director and Chief Executive Officer, and Mr. Prasert Bunsumpun, President of PTT, were signatories to the agreement. The agreement went into effect on 1 January 2006.
The Jasmine oil field commenced production in June 2005, one month ahead of schedule and 17 months after PEARL acquired the concession. Since production began, the field has pumped more than two million barrels of crude oil, all of which have been bought by PTT and refined for the domestic market. At the end of 2005, Jasmine was producing at an average rate of 10,000 barrels per day.
Following successful exploration drilling in the Jasmine Production Area ("Jasmine PA") in May 2005, PEARL has committed to construct and install two additional production platforms, Platform B and Platform C, which are slated to go into production early in 2007. The company also plans to drill six exploration wells beginning in March, three within the Jasmine PA and three outside of the Jasmine PA but within Block B 5/27.
"Construction of Platform B has commenced and the design of Platform C is underway. With a drilling rig secured for development drilling in the fourth quarter, we are on schedule for first production from Platform B in early 2007," said Chris Gibson-Robinson, PEARL's Chief Technical Officer.
100% interest in Block B 5/27 is held by PEARL's 70%-owned subsidiary, PEAROIL (Siam) Limited ("PEARL Siam"). 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. Block B 5/27 is located offshore in the Gulf of Thailand and covers an area of 1,931 sq. km.
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