Pearl Energy reports higher net revenue in 2004

Singapore oil company Pearl Energy Limited reported Tuesday its net revenue increased significantly to US$42,182 in 2004 from $28,644 in 2003 following the full year production of two properties that were acquired in 2003.

Pearl?s revenue derived from three producing contract areas of Salawati Basin, Salawati Island and Tungkal PSCs. The company acquired the Salawati PSCs in 2003.

The company also reported its average oil production increased to 5,871 barrels oil per day (bopd) in 2004 compared to 4,542 bopd in 2003, while average oil price also increased by approximately US$7 per barrel from US$28.40 to US$35.36, respectively.

A side from the three producing areas, Pearl also has interests in six exploration contracts covering Indonesia (Jambi JOB-EOR, Sebuku PSC, and West Salawati PSC), Thailand and the Philippines.

Pearl was set up in 2002 with seed capital from PT Austindo Nusantara Jaya. Pearl has recently listed its shares on the Singapore Stock Exchange. (Robert)