PTTEP Receives Approval for Project in Block EU-1

PTT Exploration and Production Public Company Limited reports that the cabinet has approved PTTEP's investment in petroleum exploration and production project, Block EU-1. The joint venture partners consist of Amerada Hess (Thailand) Limited (the Operator), Apico LLC, PTTEP Siam Limited (a subsidiary of PTTEP), ExxonMobil Exploration and Production Khorat Inc. The participation interests will be 35%, 35%, 20% and 10% respectively.

The Block EU-1 petroleum exploration and production project covers an area of 192.6 square kilometers, adjacent to the E5 North project, in Udon Thani province. The joint venture partners plan to develop the EU-1 project together with the E5 North project, and will name it the Phu horm project, since both projects have the same group of co-venture partners. At present, the joint venture partners are negotiating the Gas Sales Agreement with PTT Public Company Limited.