PEARL Oil reports Indonesian Q3 activities

The following is excerpt from Singapore-based PEARL Oil?s third quarter operational results published Friday.

Field/PSC Average production net to PEARL in Q3 05: Salawati Island 1,298 BOPD; Salawati Basin 2,206 BOPD; Mengoepeh 2,148 BOPD

Salawati Island, Papua (PEARL working interest 37.4%)

The Anak exploration well was drilled to a total depth of 10,388 feet and tested. The well produced on test at a rate of 94 barrels of oil per day (bopd) and will be placed on line as a new field discovery once approval from BPMigas has been received.

The Matoa-36 development well was being drilled at the end of Q3 05.

Construction of the wellhead platform for the offshore TBA oil field development was completed in Singapore and the platform was successfully installed. The operator has informed PEARL that production is anticipated to commence in the first half of 2006.

Salawati Basin, Papua (PEARL working interest 34.064%)

Development drilling continued with four development wells completed during Q3 05.

The Klawati-1 exploration well was drilled to a total depth of 8,134 feet. The well will be tested in the fourth quarter.

Tungkal, Jambi (PEARL working interest 100%)

Construction of the full-scale production facility continues with target completion set for early 2006 from end-2005 largely as a result of severe rainfall in Sumatra.

A drilling rig was contracted to drill up to 7 additional wells on the Mengoepeh structure to determine the limits of the field and add production capacity. Preparations for the drilling program commenced in September with the first well due to be spudded early in the fourth quarter.

Sebuku, Makassar Strait (PEARL working interest 100%)

Preparations commenced for a 3-well drilling program, which is expected to start by the end of 2005 and comprise one appraisal well on the gas prospect in the Makassar Straits and two exploration wells.

West Salawati, Papua (PEARL working interest 50.01%)

Reprocessing of legacy seismic data continues. Preparations for a 2D and 3D seismic program are underway with start up anticipated in early 2006. A seismic base camp is under construction on Salawati Island and a field office has been established in Sorong.

PEARL is a Singapore-based oil and gas company engaged in the exploration, development and production of oil and gas exclusively in Southeast Asia. (*)