Pearl seeks more Southeast Asian acreage
Offshore staff
(Asia-Pacific) - Southeast Asian explorer Pearl Energy Ltd. says it is actively seeking to expand its asset portfolio and has applications pending with the host governments in Thailand, Indonesia, Vietnam and Cambodia.
The Singapore-listed Pearl closed a $75 million senior reducing revolving facility with Natexis Banques Populaires in September to refinance existing borrowings and to finance development of assets as well as the acquisition of new oil and gas assets.
It was accelerating development projects such as Jasmine B and C production platforms in block B 5/27 in the Gulf of Thailand and expanding its exploration program while actively seeking new assets across Southeast Asia.
In August, Pearl approved the construction and installation of two additional production platforms in the Jasmine Production Area, which are slated to be in full production by the second quarter of 2007.
Pearl expects to drill 25 exploration wells and 27 development wells and conduct at least two seismic acquisition programs across its current asset portfolio next year, says its Chief Business Development Officer, Richard Lorentz, in the third quarter financial report released on November 11.
"The exploration program will bring our expenditure net to Pearl to $36.6 million after contribution from farm-out partners," says Lorentz.
For the third quarter ended September 2005, Pearl had a net profit of $7.47 million, compared with just $143,000 a year ago. Its nine-month net profit was $7.9 million, recovering from a loss of $1.53 million.
The third quarter revenue was $73.14 million, up from $21.62 million for the same period a year ago. The nine-month revenue was $11.86 million, up from $56.5 million for the previous nine months.
11/11/05