PTTEP Says Kakonna-2 Encounters Gas

PTTEP reports that the Kakonna-2 appraisal well was drilled to a total depth of 2,507 meters and encountered eight zones of natural gas bearing formation with a total thickness of 47 meters. The flow rate tests (Tubing Stem Test-TST) were conducted on two zones, indicating maximum natural gas flow rates of approximately 25.7 million standard cubic feet per day (MMSCFD) and 28.1 MMSCFD respectively. The combined flow rate of two zones is 53.83 MMSCFD.

The Kokonna-2 well is located to the south of Kakonna-1 offshore Myanmar in exploration block M9 in the Gulf of Mataban approximately 300 kilometers south of Yangon.

The results of this appraisal well confirm the commercial potential of natural gas in the Kakonna area. PTTEP will prepare a development plan and continue to drill two appraisal wells, Zawtika-5 and Zawtika-6, by July 2007.

PTTEP is the operator of block M9 and holds a 100% stake.

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