Aabar Begins Production at Jasmine C Platform

Aabar Petroleum Investments Company has started production at the Jasmine C platform in the Jasmine Production Area in Block B 5/27 in the Gulf of Thailand.

Production at Jasmine C commenced on 16 May at an initial rate of 1,450 barrels of oil per day ("bopd") from a single development well, C1. Two additional development wells, C2 and C3, will be completed and brought into production in the next few days of the initial phase of the drilling program, which will comprise a total of 12 development wells and three water disposal wells.

"Jasmine C production marks the third stage of development of the Jasmine field and underpins continued growth in oil production for Aabar. Jasmine is a core asset in Aabar's portfolio and reflects the added value that smaller independent exploration and production companies such as Aabar can bring to these so-called marginal developments. We have been extremely satisfied with the performance of the Jasmine A and B platforms, which is a mark of the expertise and professionalism of our team of geoscientists, technicians and engineers," said Chris Gibson-Robinson, Aabar's VP Operations.

The 1,150-tonne processing topsides for platform C were installed on 21 March and drilling of the first batch of development wells commenced on 25 April. The platform is connected via a 3.8 km pipeline to the Jasmine venture MV7 floating production, storage and offloading vessel.

The Jasmine A platform commenced production on 7 June 2005 and a second facility, Jasmine B, began producing on 22 January 2007. Following a successful exploration program in the first half of 2006, the engineering design is underway of two further platforms to be located in and around the Jasmine PA.

At the end of the first quarter 2007, the Jasmine A and B platforms were producing at a gross average rate of 24,000 bopd. The B 5/27 concession area is located offshore in the Gulf of Thailand and covers an area of 1,931 sq. km.

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 currently has two wholly owned divisions, Dalma Energy, which is focused on drilling operations, and Pearl Energy, which is engaged in exploration and production in Southeast Asia.

100% interest in Block B 5/27 is held by PEARL OIL (Thailand) Limited ("PEARL Thailand"), which is wholly owned by Pearl Energy's 70%-owned subsidiary, PEARLOIL (Siam) Limited ("PEARL Siam"). The remaining 30% equity interest in PEARL Siam is held by Choice Plus Holdings Limited. PEARL Thailand is the operator of Block B 5/27.

At the end of the first quarter 2007, Aabar's net working interest production stood at 17,275 bopd from three fields in Indonesia and the Jasmine field in Thailand. The company plans to drill 10-15 exploration wells in 2007.

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