Aabar Successfully Appraises Sebuku Gas Prospect

Aabar Petroleum Investments Co. PJSC has completed drilling and testing operations on the Makassar Straits-4 ("MS-4") appraisal well in the Sebuku Production Sharing Contract ("PSC") offshore east Kalimantan, Indonesia.

The MS-4 well was drilled to a total depth of 5,367 feet and encountered 318 feet of gross gas pay and 279 feet of net gas pay in a single reservoir pay zone. A total gas column of 618 feet has been proven based on the results of this well and the earlier Makassar Straits-1 ("MS-1") well. MS-4 is the second appraisal well drilled by Aabar on Ashland Petroleum's 1974 MS -1 gas discovery and was located 1.2 km to the west of the original MS-1 well.

Two drill stem tests were conducted on the well and flowed at a combined rate of 39 million cubic feet per day ("mmcfd"). The first test flowed at a rate of 16 mmcfd through a 1 inch choke from 32 feet of perforations in the lowest part of the pay zone. The gas stream comprised mostly methane with less than 0.5% carbon dioxide and minimal condensate. The absence of any water confirms the gas-water contact is deeper than the lowest pay zone encountered in the well.

The second test flowed at a rate of 23 mmcfd through a 1-1/2 inch choke from a 58 foot interval in the central section of the pay zone. The gas flow rate was constrained by equipment limitations.

"This well has successfully extended both the proven vertical gas column and the proven area of the gas resource in the Makassar Straits field. The strong flow rates are encouraging and confirm that the Lower Miocene Upper Berai carbonate pay zone has excellent reservoir properties, which is an important factor in commercializing the gas resource," said Chris Gibson-Robinson, Aabar's Vice President Operations & New Business Development (Southeast Asia).

The MS-4 well will now be plugged and abandoned and the drillship Frontier Duchess will be moved to the Makassar Straits-3 location, 2.75 km to the south of MS-1.

The Sebuku PSC covers 5,920 sq. km. Aabar, through its wholly owned subsidiary, Pearl Oil (Sebuku) Limited ("Pearl Sebuku"), is operator of the Sebuku PSC and holds 50% participating interest. Subject to the approval of the Indonesian government and oil and gas regulator, Pearl Sebuku will hold 100% participating interest in the Sebuku PSC as it has acquired the remaining 50% from its former joint venture partner.

Aabar is an oil and gas exploration, production and drilling company headquartered in Abu Dhabi and is a public joint stock company listed on the Abu Dhabi Securities Market. Aabar has two divisions, Oman-based Dalma Energy, which is focused on drilling operations, and Pearl Energy, which is engaged in exploration and production in Southeast Asia. Aabar's net working interest production currently stands at more 20,000 barrels of oil per day from four fields in Indonesia and Thailand. The group plans to drill 10-15 exploration wells in 2007.

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