Pearl plans two platforms for Jasmine field

Pearl Oil (Thailand) Ltd has signed a sale and purchase agreement with PTT Public Co. Ltd for the supply of crude oil from the Jasmine field in the Gulf of Thailand.

Offshore staff

(Asia-Pacific) - Pearl Oil (Thailand) Ltd, a subsidiary of Singapore-based Pearl Energy Ltd, has signed a sale and purchase agreement with PTT Public Co. Ltd (PTT) for the supply of crude oil from the Jasmine field in the block B 5/27 contract area located in the Gulf of Thailand.

The Jasmine oil field began production in June 2005, one month ahead of schedule and 17 months after Pearl acquired the concession.

Since production began, the field has pumped more than 2 MMbbl of crude oil, all of which have been bought by PTT and refined for the domestic market.

At the end of 2005, Jasmine was producing at an average rate of 10,000 b/d.

Following successful exploration drilling in the Jasmine production area (Jasmine PA) in May 2005, Pearl has committed to construct and install two additional production platforms, Platform B and Platform C, which are slated to go into production early in 2007.

The company also plans to drill six exploration wells beginning in March, three within the Jasmine PA and three outside of the Jasmine PA but within block B 5/27.

"Construction of Platform B has begun and the design of Platform C is underway, " says Chris Gibson-Robinson, Pearl's chief technical officer.

"With a drilling rig secured for development drilling in the fourth quarter, we are on schedule for first production from Platform B in early 2007."

01/26/06

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