Aabar sells Pearl Energy to Mubadala

Abu Dhabi-based oil firm Aabar Energy said on Monday it had signed a sale and purchase agreement with Mubadala

Development Company PJSC for the divestment of the wholly-owned exploration and production subsidiary Pearl Energy Limited.

Upon completion of the transaction, 100% of the issued shares in Pearl will be transferred to Mubadala for a debt free cash adjusted value of approximately US$833.3 million subject to working capital adjustments.

Completion of the transaction is expected within the next 45 days.

Singapore-headquartered Pearl holds participating interest in 21 contract areas in Indonesia, Thailand, the Philippines and Vietnam and had a net production of approximately 19,000 barrels of oil per day at the end of 2007.

In Indonesia Pearl has interest in Tungkal PSC, Jambi JOB-EOR, Bulu PSC, Salawai Basin Block, Salawati Island Block and Sebuku PSC. (alex)