Aabar announces award of Block G11/48, Gulf of Thailand
Aabar Petroleum Investments Company PJSC (Aabar) today announced that its wholly owned subsidiary, PEARL Energy Limited (PEARL), with its partners, Horizon Oil (Siam) Ltd (Horizon) and Tana Resources (Thailand) Ltd (Tana), has been conditionally awarded the petroleum contract for Block G11/48 in the Gulf of Thailand.
PEARLOIL Limited (Pearl of Thailand) will hold a 50 percent interest in Block G11/48 and will be the operator. The remaining 50 percent interest will be shared equally between Horizon and Tana.
Block G11/48 is located in the southern Gulf of Thailand, to the south of Pearl’s Chang Daeng (Block B11/38) and Bussabong (Block B12/32) production areas. The block covers an area of 13,600 sq., km and is adjacent to the western boundary of the Malaysia-Thai Joint Development Area, where several large gas condensate fields have been discovered.
“This is one of the two blocks in Thailand in which we will strengthen our partnership with Horizon and Tana. It is an extremely promising acreage and marks a significant addition to our exploration portfolio in a country where the bulk of our crude oil production is located,” said Chris Gibson-Robinson, PEARL’s Chief Operating Officer.
The contract for Block G11/48 builds on a previously successful partnership that PEARLOIL Limited, Horizon and Tana have as partners in Block G10/48 in Thailand.
Aabar Petroleum Investments Company was established in 2005 and is a public joint stock company listed on the Abu Dhabi Securities Market. The acquisition of existing companies with a proven track record in the oil and gas sector is at the centre of Aabar’s growth strategy. Aabar has made considerable progress in implementing this strategy, and has two subsidiaries currently: Oman-based Dalma Energy which is focused on drilling operations and Singapore-based Pearl Energy, which is engaged in E&P (Exploration & Production). Aabar completed its acquisition of Dalma in 2005 and Pearl Energy in August 2006. As the first listed oil and gas company in the Middle East, Aabar is ideally positioned to be the oil and gas industry leader in the region and offers a premium investment opportunity.
PEARL, a Singapore-based oil and gas company engaged in exploration, development and production of oil and gas resources, is a wholly owned subsidiary of Abu Dhabi-based Aabar Petroleum Investments Company PJSC, which is listed on the Abu Dhabi Securities Market. Aabar acquired PEARL in 2006.
Since the PEARL’s first acquisition in 2002, it has built up a portfolio of exploration, development and production assets in 12 contract areas covering approximately 69,465 sq. km of gross acreage in Indonesia, Thailand and the Philippines. PEARL also has been conditionally awarded, as operator, the 4,148 sq. km Block 06/94 offshore of 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 Thailand is wholly owned by PEARL’s 70 percent-owned subsidiary, PEARL OIL Limited. The remaining 30 percent 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.
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