PTTEP to Divest Stake in Three Thai Blocks

PTTEP's subsidiary, PTTEP Siam Limited, who is the sole shareholder and the operator in the Exploration Blocks L21/48, L28/48 and L29/48 has signed an agreement with Resourceful Petroleum (Thailand) Limited or RPL to optimize the petroleum exploration risk. This has resulted in the participation interests of PTTEPS (operator) and RPL to 70% and 30%, respectively.

Blocks L21/48, L28/48 and L29/48, covering an area of approximately 12,000 square kilometers, are located in the north eastern region of Thailand. The petroleum concession of the blocks was awarded to PTTEPS on December 8, 2006. In 2007, PTTEPS plans to perform additional geological study in this area.

The change in the participation interests will be effective upon receiving the approval of the Supplementary Concession from the government