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Pearl gets Karana PSC

Offshore staff

SINGAPORE -- Pearl Energy Ltd. was awarded a production sharing contract for Karana offshore Indonesia. Pearl will hold 100% of the 5,390 km² (2,081 mi²) tract in the Makassar Straits between Kalimantan and Sulawesi islands.

"We are delighted to have been awarded as operator the Karana PSC, which lies to the north and east of PEARL's existing Sebuku block and enhances the company's exploration position within the Makassar Straits," said Chris Gibson-Robinson, PEARL's COO. "Indonesia is one of PEARL's core operational areas and this concession strengthens our portfolio and exploration potential."

01/22/2007

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