Pearl Energy Drills Duster in Gulf of Thailand

Pearl Energy reports that the Chang Daeng 3 exploration well Block B 11/38 contract area in the Gulf of Thailand was drilled to a total depth of 8,535 feet. Although several reservoir intervals were encountered, they did not contain significant hydrocarbons and the well has been plugged and abandoned.

The Chang Daeng 3 well was the final commitment well under the current exploration period granted by the Government of Thailand, which expires in October 2005.

"Chang Daeng 3 was a commitment that Pearl assumed when it acquired its assets in Thailand. This well completes all such commitments. We will undertake a complete reassessment of potential in the block before making any decision on our future strategy," said Chris Gibson-Robinson, PEARL's Chief Technical Officer.

Under the terms of the farm-out arrangement with Horizon Oil (Thailand Holdings) Limited and Tana International Exploration Company, Pearl will bear 35% of the costs of the Chang Daeng 3 well, Horizon and Tana 25% of the costs each and Choice Plus Holdings Limited15%.

Horizon and Tana have exercised their option to relinquish their interests in the Block B 11/38 contract area. Pearl's shareholding in the block will revert back to 70% from 35% and that of Choice Plus reverts to 30% from 15%.

The ENSCO 57 jack-up rig has been released.

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