PEARL Offshore will hold 100% interest in Block G2/48 and will be the operator. The block covers an area of 19,040 sq. km and is located to the immediate north of the PEARL-operated Block B5/27, which contains the Jasmine oil field and accounts for approximately half of the Group's total daily net working interest oil production.
"Block G2/48 is under explored with only limited seismic data but it offers several potentially interesting leads given its position at the northernmost part of the Pattani Basin and with the East Kra Basin to the west. This concession significantly enhances our exploration portfolio in Thailand where we have enjoyed continuing success with the Jasmine development," said Chris Gibson-Robinson, PEARL's Chief Operating Officer.
PEARL Offshore is wholly owned by PEARL's 70%-owned subsidiary, PEARLOIL (Siam) Limited. The remaining 30% equity interest in PEARL Siam is held by Choice Plus Holdings Limited.
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