UK venture capitalist invests in Singapore?s Pearl
Monday, August 16 2004 - 02:44 AM WIB
UK venture capitalist 3i announced on Monday it had completed a US$15 million investment in Singapore based Pearl Energy Pte Ltd (Pearl) for an undisclosed minority equity stake.
Pearl is an independent E&P firm with a portfolio of oil and gas interests across Indonesia, Thailand and the Philippines. It was set up in 2002 with financial backing from PT Austindo Nusantara Jaya ("ANJ"), a private Indonesian investment company wholly owned by the Tahija family.
Pearl is exclusively focused on South East Asia. The company currently owns interests in three producing properties in Salawati Basin, Salawati Island and Jambi; two new oilfield developments projects are also underway in Sumatra and Thailand, which should both commence oil production in 2005. The company also has an extensive inventory of contingent resources and exploration prospects. (alex)