Pearl Energy seeks Singapore listing

Singapore-based oil and gas company Pearl Energy which has significant E&P assets in Indonesia is planning a main board listing at the Singapore Exchange, and has lodged its preliminary prospectus with the Monetary Authority of Singapore on March 10, 2005.

The company is currently 75.26 percent owned by Indonesian company PT. Austindo Nusantara Jaya, which is controlled by The Tahija family. Japan trading powerhouse Itochu Corp. has 15.93 percent, while UK private equity group 3i has 7.96 percent.

The company has yet to disclose the size of its share offer or the price.

In Indonesia, the company has 100 percent interest in Tungkal PSC, a producing oil block with capacity expected to reach 3,000 BPD from Mengoepeh field sometime this year. The block has 2P oil reserves of 6 MMBO.

The company also has effective 60 percent interest in Jambi JOB-EOR, also located in Sumatra. The Jambi JOB-EOR contract with state oil and gas company Pertamina has expired on January 25. The company continues to assist Pertamina to operte the block on 6-month contract basis, and is the process of negotiating contract extension.

Pearl Energy also has 100 percent working interest in offshore Sebuku PSC in Makassar Strait. Sebuku is estimated to have contingent gas resources between 120-556 BCF. The company is currently seeking to farm out some interest in the block to speed up block?s gas commercialization and said had received initial expression of interests from major international oil and gas companies. The company said gas commercialization option including development of gas-to-liquids facility and small-scale LNG plant.

In Papua province, Pearl has working interest in 3 PSCs, namely Salawati Basin PSC, Salawati Island PSC and West Salawati PSC. Pearl has 34.906 percent non-operating interest in PetroChina-operated Salawati Basin PSC with current gross production of 7,150 BOPD. The remaining 2P reserves on Salawati Basin are 23 MMBO.

Pearl has 18.70 percent working interest in Salawti Island PSC, but has effectively 35.4 percent interest on the reserves, as 50 percent interest holder Pertamina decided not to participate in cost sharing. Currently, Salawati Island has some 3,400 BOPD in gross production. The remaining 2P reserves on the PSC are 7.3 MMBO.

Pearl has 50.01 percent interest and is the operator of west Salawati exploration block. Another interest holder is Malaysian E&P firm Genting Oil. The partnership planned to drill one exploratory well on the block by the end of 2006.

Beside Indonesia, Pearl Energy has E&P portfolio in Gulf of Thailand (3 blocks) and in Central Philippines (1 block). (alex)