Aabar and Austindo work out Pearl Energy stake

Abu Dhabi-listed Aabar Petroleum has entered into an option agreement with Indonesia's Austindo Group to acquire 48.29% of Pearl Energy.

Offshore staff

(Asia-Pacific) - Abu Dhabi-listed Aabar Petroleum has entered into an option agreement with Indonesia's Austindo Group to acquire 48.29% of Pearl Energy.

The $257.6 million deal covers Pearl's 10 areas covering approximately 34,500 sq km of gross acreage in Indonesia, Thailand, and the Philippines.

Aabar's focus is to build a strong and fast-growing business in oil and gas E&P and in oil and gas drilling.

In July 2005, Aabar completed the $100 million acquisition of Abu Dhabi-based Dalma Energy, which owns and operates 18 land-based drilling rigs in Saudi Arabia, Oman, Qatar, and India, with a further four on order.

02/01/06

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