PTTEP Sells Indirect Stake in Medco Energi to Encore

PTT Exploration and Production Public Company Limited holds an indirect investment of 34.20% (through a 40% holding in New Links Energy Resources Limited or New Links), in PT Medco Energi Internasional Tbk.

PTTEP's subsidiary PTTEP Offshore Investment Company Limited (PTTEPO) has signed a Conditional Share Purchase Agreement to sell its entire shareholdings in New Links to Encore Int'l Limited (Encore). Encore, also a current shareholder, is choosing to exercise its pre-emptive right to purchase the aforementioned shares. The Company expects the sale to be completed in February 2005.

The transaction is in line with the Company's investment strategy which has been changed from investing in holding companies to focusing on direct investment in petroleum assets. PTTEP will continue pursuing its direct investment in petroleum assets in Indonesia and will continue maintaining close cooperation with Encore and Medco.
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