Pearl Energy Completes Jasmine-13A & Jasmine-13B Exploration Wells

Jasmine Oil Field
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Jasmine Field - Gulf of Thailand
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Pearl Energy reports the preliminary results of the Jasmine-13A and Jasmine-13B exploration wells in the Jasmine Production Area in Block B 5/27 in the Gulf of Thailand.

Jasmine-13A was drilled to test an exploration prospect situated 1.9 km to the north-northwest of the Jasmine DEL-10A exploration well completed in May 2005. Jasmine-13A was drilled to a total measured depth of 6,650 feet and preliminary well logs indicated that it intersected approximately 269 vertical feet of net oil-bearing sandstones in 20 reservoir intervals. The well was plugged and abandoned as an oil discovery on April 18, 2006.

Jasmine-13B was drilled directionally from the same surface location as Jasmine-13A to a total measured depth of 6,291 feet with a bottomhole location 660 meters away from the Jasmine-13A bottomhole location. Preliminary well logs indicated that the well intersected approximately 73 vertical feet of net oil-bearing sandstones in seven reservoir intervals. The well was plugged and abandoned as an oil discovery on April 22, 2006. The ENSCO 107 will now move to the Jasmine-14A 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.

100% interest in Block B 5/27 is held by PEARL's 70%-owned subsidiary, PEAROIL (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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