Pearl Energy Opens Revolving Loan Facility

PEARL Energy's wholly owned subsidiary, PEARLOIL Holdings Ltd. has entered into a senior reducing revolving facility agreement with Natexis Banques Populaires, Singapore Branch.

Pursuant to the Facility Agreement, Natexis has made available to Pearl Holdings a loan facility of up to US$75,000,000. As credit support for the Facility, PEARL, PEARLOIL (Tungkal) Limited, PEARLOIL (Island) Limited and PEARLOIL (Basin) Limited have given joint and several guarantees to Natexis.

The proceeds from the Facility will be used by Pearl Holdings to (i) refinance existing borrowings, (ii) finance the development of its interests in oil upstream assets, development or acquisition of new oil and gas assets and (iii) finance the general working capital requirements of Pearl Holdings and PEARL.

None of the Directors or substantial shareholders of PEARL has any interest in the above transaction save for their interests arising by way of their shareholdings and/or directorship, as the case may be, in PEARL.