PTTEP & Mitsui Moving Ahead with Acquisition of Blocks B8/32 and 9A

Earlier this year PTTEP and Mitsui agreed to jointly acquire 100% shares of Thaipo Limited, and 46.34% shares of B8/32 Partners Limited from Pogo Overseas Production B.V. and Pogo Producing Company covering Petroleum Concession Block B8/32 and 9A in the Gulf of Thailand.

PTTEP reports that the existing partners, namely Chevron Offshore (Thailand) Limited and Palangsophon Two Company Limited (PSTL), waived the First Right of Refusal under the Joint Operating Agreement. Buyers will proceed with the closing of the acquisition after the approval is granted by the Thai government.

However, in exchange for the waiver of the First Right of Refusal by PSTL, the Buyers have agreed to sell 10% of the acquired Pogo group's assets to PSTL, in the amount of approximately US $82 million. The participation in Petroleum Concession Blocks B8/32 and 9A will finally be Chevron (the Operator) 51.66%, PTTEPO 25.00%, Mitsui Oil Exploration Co., Ltd. 16.71%, and PSTL 6.63%. As a result, PTTEP's Proved Reserves will increase by approximately 52 million barrels of oil equivalent (MMBOE).

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