Aabar subsidiary farms out 20% interest in 3 offshore Thai exploration concessions

Source: www.gulfoilandgas.com 2/28/2008, Location: Asia

Aabar Energy PJSC (“Aabar”) announced that its wholly owned subsidiary Pearl Energy Limited (“Pearl”) has entered into a farm-out arrangement with Horizon Oil Limited (“Horizon”) to transfer 20% participating interest in three exploration concessions offshore in the Gulf of Thailand.

Under the terms of the transaction, Horizon will pay 40% of the seismic and drilling costs of the initial three-year work programs for Blocks G1/48, G3/48 and G6/48 to earn a 20% participating interest in each of the three concessions. Pearl will remain as operator of the concessions following the transaction, which is conditional upon the approval of the Thai authorities.

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 (“Northern Gulf”) and its group companies will hold 40% and Horizon subsidiaries 20%.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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