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Gulf of Thailand Update PEARL starts oil production at Jasmine

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					                            PEARL ENERGY LIMITED
                            Registration No. 200306127D
                            (Incorporated in the Republic of Singapore)


 Gulf of Thailand Update – PEARL starts oil production at Jasmine Platform A


SINGAPORE, 8 June 2005 – PEARL Energy Limited (“PEARL” or the “Company”)
announces first production from its Jasmine oil field (“Jasmine”) in Block B 5/27 in
the Gulf of Thailand at an initial rate of approximately 2,000 barrels of oil per day
(“bopd”) from the first three development wells.
“We are very pleased to welcome PEARL Energy as our newest oil producer with the
announcement of production from the Jasmine field. This new production will help to
reduce Thailand’s dependence on imported oil,” said Khun Nopadon Mantajit,
Director General of Thailand’s Department of Mineral Fuels.
Production at the Jasmine offshore platform (“Platform A”) has been achieved in 17
months since PEARL completed the acquisition of Block B 5/27 in January 2004,
and comes one month ahead of the Company’s initial projection of a July start-up as
stated in its prospectus dated 11 April 2005 (the “Prospectus”).




“Starting production ahead of our July 2005 target was only possible due to the
efforts of each of our employees, and the close working relationships we have
developed with our major contractors,” said Murray Hesje, PEARL’s Chief Operating
Officer and President of PEARL’s Thailand operations.
The Jasmine field commenced production on 7 June 2005 from three development
wells connected via a short pipeline to the Jasmine Venture MV7 floating production,
storage and offloading vessel.
“In the original development plan for the Jasmine “A” location, we anticipated drilling
eight development wells. However, once drilling commenced, additional well
PEARL ENERGY LIMITED
Registration No. 200306127D
(Incorporated in the Republic of Singapore)


locations were identified and we decided to take advantage of the drilling rig being
on location, as well as the current high oil prices to drill an additional four
development wells,” said Chris Gibson-Robinson, PEARL’s Chief Technical Officer.
The remaining nine development wells are being completed and are anticipated to
add to the production rate by the middle of July.
As stated in earlier announcements (see SGXNET Announcements No. 73 of 11
May 2005, No. 9 of 18 May 2005 and No. 63 of 27 May 2005), PEARL is also
evaluating data from a series of delineation wells drilled in the DEL-10 and DEL-11
areas nearby Platform A to assess the size of the hydrocarbons in place and to
determine whether it is commercially justified to construct and install one or possibly
two additional production platforms.
PEARL intends to sell the oil produced from Jasmine Platform A into Thailand’s
domestic market.

Financial Impact
In the Prospectus, Pearl projected that Jasmine would contribute 1.632 million
barrels in 2005. The early production start-up, as well as the four additional
development wells, increase confidence that PEARL will meet this projection. Final
stabilised production rates will not be known until all wells have begun to produce.

Background
PEARL is a Singapore-based oil and gas company engaged in the exploration,
development and production of oil and gas exclusively in Southeast Asia.
100% interest in Block 5/27 is held by PEARL OIL (Thailand) Limited (“PEARL
Thailand”), which is wholly owned by PEARL’s 70%-owned subsidiary, PEARL OIL
(Siam) Limited (“PEARL Siam”). The remaining 30% equity interest in PEARL Siam
is held by Choice Plus Holdings Limited. PEARL Thailand is the operator of Block B
5/27.
Block B 5/27 is located offshore in the Gulf of Thailand and covers an area of
approximately 1,931 sq km.
PEARL can be found on SGX-ST under PRL.


TANG CHIH HAO KELVIN
Company Secretary
8 June 2005


CLSA Merchant Bankers Limited was the Lead Manager for the initial public offering
of the ordinary shares in PEARL Energy Limited.




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PEARL ENERGY LIMITED
Registration No. 200306127D
(Incorporated in the Republic of Singapore)


For more information, please contact:
Richard Allan Lorentz
Chief Business Development Officer
+65 6236 2940
Email: Richard.lorentz@pearlenergy.com


Tanya Pang
Corporate Communications Manager
+65 6236 2940
Email: Tanya.pang@pearlenergy.com




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