PTTEP Says Te Giac Cam Well Non-Commercial

PTTEP reports that the exploration well TGC-1X, which was spudded on March 16, 2007 offshore Vietnam, was drilled to a total depth of 4,196 meters. The well encountered some oil and gas shows. The examination of the well and logging data indicated that it was not sufficiently encouraging for the well to be tested and the well was deemed non-commercial.

PTTEP Hoang Long Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), has a 28.5% participation interest in the Vietnam 16-1 project. The other partners, consisting of Petrovietnam Exploration and Production Company, SOCO Vietnam Limited and OPECO Vietnam Limited each hold 41%, 28.5% and 2% interests respectively.