Pearl Energy Begins Production from Jasmine B Platform

Pearl Energy Limited has started production from the Jasmine B platform in the Jasmine Production Area in Block B 5/27 in the Gulf of Thailand.

Production at Jasmine B commenced on January 22nd at an initial rate of 2,300 barrels of oil per day ("bopd") from a single development well, B2. Five additional development wells will be completed and brought into production in the next few days in the initial phase of the drilling program, which will comprise a total of 16 development wells and six water disposal wells.

"Jasmine B production marks the second major milestone in the development of the Jasmine field, which is a core asset in Pearl's portfolio. Platform A came on stream in June 2005 and has performed beyond our expectations and continues to maintain a healthy production rate. A third platform, Platform C, will be installed ready for development drilling in the next couple of months and will further boost output for the Group," said Chris Gibson-Robinson, Pearl's Chief Operating Officer.

The 1,100-tonne processing topsides for Platform B were installed in late October and drilling of the first batch of six development wells commenced on December 27th. The Platform is connected via a 3.8 km pipeline to the Jasmine Venture MV7 floating production, storage and offloading vessel.

The Jasmine A development commenced production on June 7, 2005 and had produced 5.3 million barrels at the end of 2006. The Company is reviewing the commercial viability for two additional production platforms in and around the Jasmine PA following a successful 14-well exploration program in the first half of 2006.

"The continuing expansion and success of the Jasmine development in a short time frame reflects the technical excellence of the PEARL team as well as the close working relationships we have with the Thai authorities and our contractors. Recently we have significantly increased our exploration acreage in Thailand, which underpins the importance to which we assign to the country for our future operations," said Bob Shaw, Executive Vice President of Pearl's Thailand operations.

PEARL is a wholly owned subsidiary of Abu Dhabi-based Aabar Petroleum Investments Company PJSC, which is listed on the Abu Dhabi Securities Market, and is engaged in the exploration, development and production of oil and gas.

100% interest in Block B 5/27 is held by Pearl Oil (Thailand) Limited ("Pearl Thailand"), which is wholly owned by Pearl's 70%-owned subsidiary, Pearloil (Siam) Limited ("Pearl Siam"). The remaining 30% equity interest in Pearl Siam is held by Choice Plus Holdings Limited. Pearl Thailand is the operator of Block B 5/27.

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