Pearl Thailand will hold 50% interest in Block G11/48 and will be the operator. The remaining 50% interest will be shared equally between Horizon and Tana.
Block G11/48 is located in the southern Gulf of Thailand, to the south of Pearl's Chang Daeng (Block B11/38) and Bussabong (Block B12/32) production areas. The block covers an area of 13,600 sq. km and is adjacent to the western boundary of the Malaysia-Thai Joint Development Area, where several large gas condensate fields have been discovered.
"This is one of two blocks in Thailand in which we will strengthen our partnership with Horizon and Tana. It is extremely promising acreage and marks a significant addition to our exploration portfolio in a country where the bulk of our crude oil production is located," said Chris Gibson-Robinson, Pearl's Chief Operating Officer.
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