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Tue 29 May 2007 12:16 AM

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Aabar to develop Indonesian gas field

Abu Dhabi firm to submit plans for field in the third quarter.

Abu Dhabi's Aabar Petroleum Investments Co said on Monday it was drawing up plans to develop a gas field in Indonesia.

Aabar said it aimed to submit the plan to Indonesian authorities in the third quarter. The field is in the Sebuku concession offshore east Kalimantan in Indonesia.

Gas flowed at over 39 million cubic feet per day from the latest of four wells drilled at the field, Aabar said.

Aabar subsidiary PearlOil (Sebuku) is operator at the Sebuku prospect with a 50 % stake. It is buying the remaining 50 % from its former joint partner.

Abu-Dhabi listed Aabar announced an oil find in Indonesia on Thursday at the onshore Tunkgal concession.

Aabar has net output of 20,000 barrels per day of oil from operations in Thailand and Indonesia. The company plans to drill 10-15 exploration wells in 2007.

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