Tahija family may sell stake in PEARL Energy: Report

Singapore Exchange-listed oil firm Pearl Energy Ltd.'s majority shareholder is exploring the possible sale of its stake after the firm's IPO lock-up period ends this week, a person familiar with the matter was quoted by agency as saying Wednesday.

The agency quoted source as saying that Indonesia?s Tahija family, which controlled 56.45 percent stake "is exploring whether there might be an interest" in its stake and had contacted an investment bank to study a possible sale.

ANJ is also evaluating its business strategy and future operations, said the source, without elaborating.

Pearl Chief Executive Keith Gordon Cameron had told Reuters earlier in the day that ANJ had no plans to sell on Oct. 20 or shortly thereafter.

ANJ is allowed to sell up to half of its 56.45 percent stake after Thursday, six months after Pearl's listing on April 20. Pearl's shares closed at S$1.47 on Wednesday, still more than double its IPO price.

Pearl, which operates in Indonesia, Thailand and the Philippines, has a market value of about US$383 million.

Pearl's founding shareholders, which also include Japan's Itochu Corp. and private equity firm 3i Group Plc. can start selling up to half of their stakes on Oct. 20.

Pearl?s proven reserves stands at 14 million barrels, potential reserves at 28 million barrels and undeveloped gas reserves at 386 billion cubic feet, Richard Lorentz, Pearl's chief business development officer, said in August. Daily production reached 13,500 barrels by end-June.(*)