Pearl Energy Completes Jasmine-12A & Jasmine-12C Exploration Wells

Pearl Energy reports the preliminary results of the Jasmine-12A and Jasmine-12C exploration wells in the Jasmine Production Area ("Jasmine PA") in Block B 5/27 in the Gulf of Thailand.

Jasmine-12A was drilled to test an exploration prospect situated 1.7 km to the northwest of the Jasmine DEL-10A exploration well completed in May 2005. Jasmine-12A was drilled to a total measured depth of 6193 feet and preliminary well logs indicated that it intersected approximately 266 vertical feet of net oil-bearing sandstones in 14 reservoir intervals with multiple oil/water contacts as interpreted from well data. The well was plugged and abandoned as an oil discovery on April 6, 2006.

Jasmine-12C was drilled directionally from the same surface location as Jasmine-12A to a total measured depth of 6,276 feet with a bottomhole location 740 meters away from the Jasmine-12A bottomhole location. Preliminary well logs indicated that the well intersected approximately 62 vertical feet of net oil-bearing sandstones in two reservoir intervals with multiple oil/water contacts as interpreted from well data. The well was plugged and abandoned as an oil discovery on 10 April 2006. The ENSCO 107 will now move to the Jasmine-13A location.

The 60-day drilling program is slated to comprise a minimum of six exploration wells within and around the Jasmine PA to assess additional oil prospects in the vicinity of the Jasmine field that may be commercially viable using existing infrastructure.

The Jasmine oil field commenced production from Platform A in June 2005 and in August last year Pearl approved the construction and installation of two additional platforms at the B and C locations following a successful five-well exploration campaign. Platform B will be located 3.7 km northwest of the Jasmine Venture MV7 FPSO vessel and Platform C will be situated 4 km south of the FPSO.

Block B 5/27 is located offshore in the Gulf of Thailand and covers an area of 1,931 sq. km. Platform B and Platform C will be connected via sub-sea pipeline to the Jasmine Venture MV7 FPSO located close to Platform A.

Both platforms are expected to be in production by the second quarter of 2007.

PEAROIL (Siam) a subsidiary of Pearl holds a 100% interest in Block B 5/27. 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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