Pearl Energy Makes Gas Discovery in the Gulf of Thailand

PEARL Energy has completed a second delineation well in the Bussabong Production Area in Block B 12/32 located in the Gulf of Thailand.

The Bussabong 6D delineation well was drilled from the Bussabong 6 surface location to a total depth of 10,670 feet with a bottomhole location 1,870 meters southwest of the Bussabong 6A delineation well bottomhole location.

Preliminary evaluation from well logs indicates that the delineation well intersected approximately 20 vertical feet of net gas-bearing sandstones in several reservoir intervals. Bussabong 6D will be plugged and abandoned.

The Bussabong 6A and 6D delineation wells were two of a series of three well bores planned to be drilled from the Bussabong 6 surface location to quantify gas reserves in the area. Based on the results of the Bussabong 6A and 6D wells, PEARL no longer intends to drill the third bore well.

Pursuant to the terms of the farm-out arrangement with Horizon Oil (Thailand Holdings) Limited and Tana International Exploration Company, the cost of the Bussabong 6D delineation well is borne by Horizon and Tana.

The ENSCO 57 jack-up drilling rig will move to the Bussabong 8 surface location nine kilometers south-southeast of the Bussabong 6 surface location.

"We are planning a delineation well from the Bussabong 8 surface location to target not only seismic amplitude anomalies but also a structural closure updip of an older gas well," said Chris Gibson-Robinson, PEARL's Chief Technical Officer.

PEARL's effective interest in Blocks B 12/32 and B 11/38, under its 70%-owned subsidiary PEARLGAS (Siam) Limited is 35%, Horizon and Tana each hold 25% and Choice Plus Holdings Limited holds 15%.

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