Aabar signs sale agreement for Pearl Energy
Posted: 21 April 2008
Aabar Energy PJSC has signed a sales and purchase agreement with Mubadala Development Company PJSC for the divestment of the wholly-owned exploration and production subsidiary Pearl Energy Limited. This follows an earlier announcement of 14 January 2008,
Upon completion of the transaction, 100 per cent of the issued shares in Pearl will be transferred to Mubadala for a debt free cash adjusted value of approximately US$833.3 million subject to working capital adjustments. Completion of the transaction is expected within the next 45 days.
The divestment of Pearl to Mubadala was approved by shareholders of Aabar at an Extraordinary General Meeting on 9 March 2008 and by Sukuk certificate holders at a further EGM held on 9 April 2008.
Singapore-headquartered Pearl holds participating interest in 21 contract areas in Indonesia, Thailand, the Philippines and Vietnam and had a net production of approximately 19,000 barrels of oil per day at the end of 2007.
Posted by Richard Price, Editor, EnergyME.com
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