Dr. Chitrapongse Kwangsukstith, PTTEP President added "PTTEPI and PTTEPO together with their partners started the negotiation with PPML as per the First Right of Refusal under the JOA since mid of last year. The transaction is expected to be completed within today. This investment will provide additional revenues from natural gas and condensate production as well as additional petroleum reserves"
After the purchase, the joint venture partners of Yetagun project is PPML, Petronas Carigali Myanmar Inc. (PCMI), Myanma Oil and Gas Enterprise, Nippon Oil Exploration (Myanmar) Limited, PTTEPI and PTTEPO. PPML, as part of the affiliate group of PCMI, will be the Operator.
PTTEP will spend the amount of approximately US $78 million for this acquisition. By this investment, PTTEPI's and PTTEPO's participation interest will increase to 19.3178% effective from September 30, 2002.
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