PTTEP Increases Stake Cambodia's Block B

PTTEPI and other joint venture partners have exercised their pre-emption rights to purchase the entire 10% participation interest of CE Cambodia B Ltd. (CEL). After the acquisition, PTTEPI will increase its participation interest from 30% to 33.333334%.

The existing joint venturers have offered to purchase the entire participation interest of CEL for US$ 3.5 million.

The joint venturers will pay the upfront amount of US $1 million after receiving approval from Cambodian government and will be required to start the payment of the remaining amount when production reaches 100 million barrels of oil equivalent onwards.

After the approvals, the joint venture partners will consist of PTTEP International Limited, Resourceful Petroleum Limited (RPL) and SPC Cambodia Ltd. (SPC) with 33.333334 %, 33.333333% and 33.333333% participation interests, respectively.