PEARL acquires offshore exploration block from ConocoPhillips

Singapore-based oil company PEARL Holdings Ltd signed a Sales and Purchase Agreement last month to acquire from ConocoPhillips a 100% working interest and operatorship of the South Makassar Strait Sebuku PSC, the company?s website said.

The company did not provide further details.

PEARL said six wells had been drilled within this little explored contract area. The two most significant being the Makassar Strait 1, which proved the existence of an active petroleum system with recoverable reserves estimated to be 450 and 850 Bcf with potential for a downdip oil leg. The gas column totals about 140 meters in the Lower Miocene Berai Formation carbonates located on an inversion structure, the Berai Formation equivalent being productive in the offshore East Java Basin.

The second well of importance is the vertical wildcat, Pangkat 1, located about 9 km southwest of the Makassar Strait 1 gas discovery. Modest oil and gas flows of 100 bpd were established from an open hole test between 2,457-2,591 meters in fractured basement with a large oil column encountered.

PEARL Holding is a joint venture between Singapore based Pacific East Asia Resources (Pte) Ltd and PT. Austindo Nusantara Jaya, an Indonesian company controlled by the Tahija family. (alex)