Pearl Wins Karana PSC Offshore Indonesia

Aabar Petroleum Investments Company PJSC said that its wholly subsidiary, Pearl Energy Limited has been awarded the production sharing contract (PSC) for the Karana concession area offshore Indonesia.

PearlOil (K) Limited, a wholly owned subsidiary of Pearl, will hold 100% interest in the Karana PSC, which covers an area of approximately 5,390 sq. km and is located offshore in the Makassar Straits between the main islands of Kalimantan and Sulawesi.

"We are delighted to have been awarded as operator the Karana PSC, which lies to the north and east of Pearl's existing Sebuku block and enhances the company's exploration position within the Makassar Straits. Indonesia is one of Pearl's core operational areas and this concession strengthens our portfolio and exploration potential," said Chris Gibson-Robinson, Pearl's Chief Operating Officer.

Pearl is a Singapore-based oil and gas company engaged in the exploration for, and development and production of oil and gas resources. Since the Group's first acquisition in 2002, it has built up a portfolio of exploration, development and production assets in 12 contract areas covering approximately 69,465 sq. km of gross acreage in Indonesia, Thailand and the Philippines. Pearl also has been conditionally awarded, as operator, the 4,148 sq. km Block 06/94 offshore Vietnam subject to the signing of the final Production Sharing Contract. Four of the contract areas contain fields producing oil and provide a source of cash flow for the Group as it explores and develops its prospective assets.

Pearl is a wholly owned subsidiary of Abu Dhabi-based Aabar Petroleum Investments Company PJSC, which is listed on the Abu Dhabi Securities Market.

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