PEARL Energy Completes First Sebuku PSC Exploration Well

PEARL Energy3/1/2006 URL: http://www.rigzone.com/news/oil_gas/a/29920/PEARL_Energy_Completes_First_Sebuku_PSC_Exploration_Well PEARL Energy has completed drilling of the Makassar Straits-2 exploration well in the Sebuku Production Sharing Contract. MS-2 was drilled to a total depth of 5,500 feet within the Berai Limestone and was located approximately 2.6 km to the northwest of the Makassar Straits1 ("MS-1") gas discovery well. It was completed on February 25, 2006. The Upper Berai Limestone, which tested gas in MS-1, was found to have a gross thickness of 140 feet. Reservoir quality was less well developed than that found in MS-1 with approximately 10 feet of gas-bearing reservoir quality rock encountered. Pressure data recovered from MS-2 confirmed that the gas accumulation was the same as that discovered in MS-1. No gas-water contact was encountered in either the MS-1 or MS-2 wells within the Upper Berai Limestone. The Company is interpreting the data and integrating the results into the field evaluation The Shelf Explorer jack-up rig will move to the second location of the planned three-well program to prepare for the drilling of the Berlian-1 exploration well. The Sebuku PSC covers an area of approximately 8,773 sq. km and is located offshore east of Kalimantan.