Aabar subsidiary farms out 20% interest in 3 offshore Thai exploration concessions
Posted: 03 March 2008
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Pearl Energy, a subsidiary of UAE-based Aabar Energy, has entered into a farm-out arrangement with Australian company Horizon Oil Limited to transfer 20% participating interest in three exploration concessions offshore in the Gulf of Thailand , the company said.
Under the terms of the transaction, Horizon will pay 40% of the seismic and drilling costs of the initial three-year work programmes for Blocks G1/48, G3/48 and G6/48 to earn a 20% participating interest in each of the three concessions.
Pearl , which is involved in upstream operations in Southeast Asia , will remain as operator of the concessions following the transaction, which is conditional upon the approval of the Thai authorities, the company said in a statement.
Following completion of the transaction, Pearl subsidiaries will hold a 40% working interest in each of the concession areas, while Northern Gulf Petroleum Pte Ltd and its group companies will hold 40% and Horizon subsidiaries 20%.
“We continue to mitigate risk associated with exploration across our portfolio although we remain very optimistic about the potential for oil and gas discoveries in the Gulf of Thailand following the continued success of our flagship Jasmine oil development in Block B5/27. Horizon has proved to be a valuable partner in previous exploration in Thailand and we look forward to working together in these three new areas,” said Chris Gibson-Robinson, Aabar’s VP Operations and VP New Business Development ( Southeast Asia ). |
