PTTEP Seeks Stake in Oliver Block Offshore Australia


Timor Sea
(Click to Enlarge)

PTT Exploration and Production Public Company Limited, or PTTEP, has announced that PTTEP Australasia (Ashmore Cartier) PTY LTD (a subsidiary of PTTEP) as a Buyer has entered into the Sale and Purchase Agreement with the Australian companies; the Albers Group and Stuart Petroleum Limited (an Operator); as Sellers to invest in the 100% participation interest in Petroleum Permits AC/P 33 (Oliver block) with the purchase price of approximately US $35 million.

The Oliver block is located in Timor Sea offshore northwestern of Australia, covering an area of 421 square kilometers and about 40 kilometers from PTTEP's existing blocks; Jabiru and Challis where PTTEP is an operator. The agreement will be fully effective upon receiving approvals from Australian government and the Condition Precedent being fulfilled.

The participation investment in Oliver block is in line with PTTEP's key strategic objectives in expanding investment from its existing exploration activities in Australia in order to support a future development of Floating LNG (FLNG) business.
 

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