Pearl, Partners Win Acreage Offshore Thailand

Pearl Energy Limited

Pearl Energy Limited, along with partners, Horizon Oil (Thailand) Ltd and Tana Oil & Gas (Thailand) Ltd, has been conditionally awarded the petroleum contract for Block G10/48 in the Gulf of Thailand.

Pearl Oil (Thailand) Limited (Pearl Thailand) will hold 50% interest in Block G10/48 and will be the operator. The remaining 50% interest will be shared equally between Horizon and Tana. Block G10/48 covers the southern extension of the Pattani Basin, which is the main producing basin in the Gulf of Thailand. The block covers an area of 18,780 sq. km.

"We are extremely pleased to renew our partnership with Horizon and Tana in a block which marks a significant addition to Pearl's acreage in Thailand. We are looking forward to an exciting period of exploration and to making a solid contribution to the Thai petroleum industry," said Chris Gibson- Robinson, Pearl's Chief Operating Officer.

Pearl is a Singapore-based oil and gas company engaged in the exploration, development and production of oil and gas. Since the group's first acquisition in 2002, it has built up a portfolio of exploration, development and production assets in 10 contract areas covering approximately 31,645 sq. km of gross acreage in Indonesia, Thailand and the Philippines.

Pearl also has been conditionally awarded as operator of the 4,148 sq. km Block 06/94 offshore Vietnam subject to the signing of the final Production Sharing Contract. Four of the contract areas contain fields producing oil and provide a source of cash flow for the group as it explores and develops its prospective assets. Pearl Energy is a wholly owned subsidiary of Abu Dhabi-based Aabar Petroleum Investments Company PJSC, which is listed on the Abu Dhabi Securities Market.

Pearl Thailand is wholly owned by Pearl's 70%-owned subsidiary, Pearl Siam. The remaining 30% equity interest in Pearl Siam is held by Choice Plus Holdings Limited.

Horizon is a wholly owned subsidiary of Horizon Oil Limited, an oil and gas company incorporated in Australia and listed on the Australian Stock Exchange.

Tana is a wholly owned subsidiary of Tana Exploration Co, a privately owned exploration and production company incorporated in Wilmington, Delaware, with headquarters in Houston, Texas. Tana Exploration Co. also holds interests in 72 Gulf of Mexico Blocks, 52 of which they operate.