Aabar Energy PJSC ("Aabar") announces that net profit for the three months to 31 March 2008 totaled AED 40.1 million compared with AED 1.96 million in the corresponding period in 2007 following an increase in the prices realized from the sale of crude oil produced by the wholly-owned subsidiary Pearl Energy Limited ("Pearl").
Aabar's average realized oil price in the first quarter of 2008 was US$81 per barrel, a rise of 56% compared with the year-ago quarter when the price realized averaged US$52 per barrel. Net oil production averaged 17,400 barrels of oil per day in the first quarter from three fields in Indonesia and one producing concession in Thailand.
Following Aabar's announcement on 14 January 2008 regarding the sale of Pearl to Mubadala Development Company ("Mubadala"), Pearl has been classified as a discontinued operation in the first-quarter financial report. All figures for the 2007 period have been restated. Aabar announced on 21 April 2008 that it had signed a sales and purchase agreement with Mubadala related to Pearl with completion of the transaction scheduled within 45 days.
Operationally, Pearl undertook six seismic acquisition programs in the first quarter of the year, completed the drilling of two exploration wells in Indonesia and continued with the construction and installation of two additional production platforms in and around the Jasmine Production Area in the Gulf of Thailand. The company also expanded its portfolio in Thailand with the award of the offshore exploration block G2/50 and the onshore area L21/50.
At an Annual Ordinary General Meeting held on 28 April 2008, shareholders approved the company's 2007 financial accounts, the Board of Directors' report and distribution of a 10% cash dividend for the year. A new Board of Directors for the next three years comprising Abdulhamid Mohammed Saeed (Chairman), Dhafer Sahmi Al Ahbabi, Khadem Abdulla Al Qubaisi, Abu Baker Seddiq Al Khouri and Andre Sayegh were elected.
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