Aabar Petroleum Investments Company PJSC’s wholly owned subsidiary, PEARLOIL (Ragay) Ltd, has assumed operatorship of Ragay Gulf Service Contract 43 (“SC43”) and has increased its participating interest to 64% following approval by the government of the Republic of the Philippines of a deal with Premier Oil.

Prior to the agreement Pearl held 42.5% participating interest in SC43. In exchange for the transfer, Pearl will carry Premier’s share of the costs of the Monte Cristo-1 exploration well, which is scheduled to be drilled in the fourth quarter of 2007.

“We are delighted to take over as operator of the Ragay Gulf licence ahead of what we expect to be an exciting period of exploration drilling towards the end of the year. We will also be acquiring offshore reconnaissance seismic in November to investigate a Nido reef limestone play with the potential for large reserves,” said Chris Gibson-Robinson, Aabar’s VP Operations and VP New Ventures (Southeast Asia).