Portfolio
Pearl Energy
| Investment type | Growth Capital |
|---|---|
| Region | South East Asia |
| Status | Former investment |
Nature of Business
Singapore based Pearl Energy, (which was acquired by Mubadala in May 2008) was established in 2002 as an independent exploration and production business focused on SE Asia.
Pearl has participating interests in 28 license areas and production sharing contracts (PSCs), covering a gross acreage of 151,000 sq. km in Indonesia, the Philippines, Thailand, Malaysia and Vietnam. Pearl operates 23 of the contracts. The primary regional office is located in Singapore, with technical and operational experts located in Bangkok (Thailand), Jakarta (Indonesia) and Ho Chi Minh City (Vietnam).
Investment Overview
3i completed a US$15m growth capital investment in Pearl Energy in August 2004. Our experienced Oil, Gas and Power team recognised the growth prospects for exploration and production (E&P) independents in SE Asia and we backed a strong management team to build a business that by 2005 was producing more than 11,000 barrels of oil per day.
As part of our investment strategy, we worked closely with the management team on preparation for an IPO and Pearl Energy was successfully listed in April 2005, making it the first pure E&P company to list on the main board of the Singapore Stock Exchange.
We retained a minority stake which we fully divested in May 2006.
