Pearl Energy posts net revenues of US$12.87 million in Q1

Singapore-based Pearl Energy Limited reported Thursday its net revenues in the first quarter of 2005 jumped 32.4 percent from the first quarter of 2004 to US$12.87 million due to higher crude entitlement volumes from the Salawati Island Production Sharing Contract (PSC) in Papua and output from the Mengoepeh oil field of the Tungkal PSC onshore South Sumatra.

"We are in build-up mode and 2004 and the first quarter 2005 should be viewed in that perspective. We will see rising output from the Mengoepeh field and the commencement of production from the Jasmine development in the second half of the year. We are on track," said Keith Cameron, Pearl?s Managing Director and Chief Executive Officer in a statement.

Pearl said production from Mengoepeh field reached 1,200 barrels of oil per day at quarter end and would continue to rise in the second quarter.

The company realised an average oil price of US$47 per barrel in the first quarter of 2005 for its net working production against a forecast for the full year 2005 of US$31 per barrel and an average price for 2004 of US$35.36 per barrel.

Pearl currently has interests in nine contract areas covering approximately 33,000 sq km of gross acreage in Indonesia, Thailand and the Philippines.

The company?s revenue derived from three Indonesian producing contract areas of Salawati Basin (34.064 percent), Salawati Island (18.7020 percent) and Tungkal (100 percent) PSCs. (Robert)