Pearl Energy Completes Jasmine-14A Exploration Well

Pearl Energy says the Jasmine-14A was drilled to test an exploration prospect situated 1.1 km to the south of the Jasmine DEL-10A exploration well completed in May 2005. Jasmine-14A was drilled to a total measured depth of 5,450 feet and preliminary well logs indicated that it intersected approximately 58 vertical feet of net oil-bearing sandstones in 5 reservoir intervals. The well was plugged and abandoned. The ENSCO 107 will now move to the Ku Larb-1 location.

The 60-day drilling program is slated to comprise a minimum of six exploration wells within and around the Jasmine PA to assess additional oil prospects in the vicinity of the Jasmine field that may be commercially viable using existing infrastructure.

The Jasmine oil field commenced production from Platform A in June 2005 and in August last year Pearl approved the construction and installation of two additional platforms at the B and C locations following a successful five-well exploration campaign. Platform B will be located 3.7 km northwest of the Jasmine Venture MV7 floating production, storage and offloading ("FPSO") vessel and Platform C will be situated 4 km south of the FPSO.

Block B 5/27 is located offshore in the Gulf of Thailand and covers an area of 1,931 sq. km. Platform B and Platform C will be connected via sub-sea pipeline to the Jasmine Venture MV7 FPSO located close to Platform A. Both platforms are expected to be in production by the second quarter of 2007.

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