Pearl Energy announces first production from Jasmine B

Offshore staff

SINGAPORE -- Pearl Energy Ltd. has begun production from the Jasmine B platform in block B 5/27 in the Gulf of Thailand.

Production at Jasmine B began on Jan. 22 at an initial rate of 2,300 b/d of oil from a single development well, B2. Five additional development wells will be completed and brought into production in the initial phase of the drilling program, which comprises 16 development wells and six water disposal wells.

"Jasmine B production marks the second major milestone in the development of the Jasmine field, which is a core asset in Pearl's portfolio. Platform A came onstream in June 2005 and has performed beyond our expectations and continues to maintain a healthy production rate. A third platform, Platform C, will be installed ready for development drilling in the next couple of months and will further boost output for the
Group," says Chris Gibson-Robinson, Pearl's COO.

The 1,100-metric ton (1,213-ton) processing topsides for Platform B was installed in late in October 2006. The first batch of six development wells began Dec. 27. The Platform is connected via a 3.8 km (2.4-mi) pipeline to theJasmine Venture MV7 FPSO.

"Recently we have significantly increased our exploration acreage in Thailand, which underpins the importance to which we assign the country for our future operations," says Bob Shaw, executive vice president of Pearl's Thailand operations.

Jasmine A began production June 7, 2005. The company is reviewing the commercial viability of two additional production platforms in and around the Jasmine PA following a successful 14-well exploration program in the first half of 2006.

2/6/2007