Following the earlier announcement of 21 April 2008, Aabar Energy PJSC (“Aabar”) announces that it has completed the sale of its wholly owned exploration and production subsidiary Pearl Energy Limited (“Pearl”) to Mubadala Development Company PJSC (“Mubadala”).
Under the terms of the transaction, 100% of the issued shares in Pearl have been transferred to the Mubadala group for a debt free cash adjusted value of approximately US3.
3 million (subject to working capital adjustments). The transaction was approved by shareholders of Aabar at an Extraordinary General Meeting (“EGM”) on 9 March 2008 and by Sukuk certificate holders at a further EGM held on 9 April 2008.
Aabar is headquartered in Abu Dhabi and is a public joint stock company listed on the Abu Dhabi Securities Market.
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.
(Aabar Press Release)