Horizon Oil Limited has signed a farm-out arrangement with Pearl Energy Limited, a wholly owned subsidiary of Aabar Energy PJSC, to acquire 20% participating interests in three exploration concessions in the Gulf of Thailand.

Under the terms of the transaction, Horizon Oil 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.

Aabar is an oil and gas exploration and production company headquartered in Abu Dhabi and is a public joint stock company listed on the Abu Dhabi Securities Market. Aabar, through its wholly owned subsidiary, Pearl Energy, is engaged in upstream activities in Southeast Asia, where its net production is currently around 19,000 barrels of oil per day. In particular, Pearl Energy has demonstrated its strong technical and operational credentials in the Gulf of Thailand with the continued success of its flagship Jasmine oilfield development. The relationship between Horizon Oil and Pearl Energy in Blocks G10/48 and G11/48 elsewhere in the Gulf of Thailand has proved to be a valuable one and was an important consideration in the current transaction.

Tags: Horizon Oil Limited, Pearl Energy Limited