PTTEP to Acquire 20% Interest in Concession BM-ES-23 Offshore Brazil

Thailand's PTT Exploration and Production Public Company Limited or PTTEP announced Monday that PTTEP Brazil Investments in Oil and Gas Exploration and Production Limitada (PTTEP BL), a subsidiary of PTTEP, has entered into an agreement to acquire a total 20 percent participating interest from Shell Brasil Petroleo Ltda in Concession BM-ES-23 in the Federal Republic of Brazil. This agreement is subject to the approval of Brazil's National Agency of Petroleum, Natural Gas and Biofuels (the ANP).

The concession is located in the Espirito Santo Basin, in deep water of offshore Brazil, covering an area of approximately 212 square miles (550 square kilometers). Upon approval from the ANP, PTTEP BL will hold 20 percent participating interest in the concession, with Petrobras (the operator) holding 65 percent and Inpex 15 percent. The joint venture partners plan to conduct exploration and appraisal drilling during 2014-2015.

Currently, PTTEP holds 25 percent participating interest in 4 exploration blocks under Barreirinhas AP1 project which is located in Barreirinhas basin in Brazil. The participation in Concession BM-ES-23 is another important milestone in our expansion into South America, a region with high petroleum potential.


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