PearlOil (Sandstone) Limited, a wholly owned subsidiary of Pearl, will hold 40% interest in the Sibaru PSC and Mitra Energy, as operator, will hold the remaining 60%. Sibaru is located in the offshore extension of the greater East Java Basin and covers an area of 3,999 sq. km.
"We welcome the opportunity to work together with a new partner in Mitra and to continue to strengthen our exploration portfolio in Indonesia, where we already hold significant acreage. Previous work in the Sibaru area has demonstrated the presence of hydrocarbons, and this block builds on our position offshore East Java in a region where demand for oil and gas continues to grow at a rapid pace," 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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