PTTEP Signs Technical Evaluation Agreement with Bahrain

PTT Exploration and Production Public Company will sign the Technical Evaluation Agreement to jointly carry out technical studies and evaluation for hydrocarbon potential in Block 1 & 2 offshore the Kingdom of Bahrain. Both blocks are situated offshore in the North-West of Bahrain and cover a total area of 5,117 square kilometers. The 1-year geological and geophysical work program will cover extensive petroleum systems assessment, seismic reprocessing test and detailed interpretation.

On May 27, 2005, Mr. Maroot Mrigadat, PTTEP President will sign the agreement with H.H. Sheikh Salman Bin Khalifa Al Khalifa, Vice Chairman of the Bahrain Petroleum Company (BAPCO), the national oil company of Bahrain, witnessed by H.E. Mr. Viset Choopiban, Minister of Energy. The signing, being held in Bangkok, is a major step to strengthen PTTEP's presence and expanding its exploration and development ventures in Bahrain and the Arabian Gulf, which enriched with high petroleum potential.

PTTEP President Mr. Maroot Mrigadat said "The Kingdom of Bahrain and the Kingdom of Thailand already have a longstanding relationship. This cooperation marks another milestone in the building of strong bilateral relationship particularly in the energy sector between the two nations. PTTEP is very pleased to be able to jointly study and evaluate the hydrocarbon potential of the blocks with BAPCO. Should the study be successful and lead to an Exploration Production Sharing Agreement (EPSA), we will discuss with BAPCO and the Government of the Kingdom of Bahrain for further work program in great details."

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