Asset Swap Arrangement Between PTTEP and CNOOC Expires

PTT Exploration and Production Public Company Limited (PTTEP) announced that PTTEP International Limited (PTTEPI) has intended to swap participation interest 20% in the production sharing contract (PSC) in blocks M3 and M4 with CNOOC Myanmar Limited's A4 and C1, as reported to The Stock Exchange of Thailand on April 9, 2008.

Currently, the contract for participation interest swap has already expired before receiving an approval from Myanmar government, which causes the contract to be invalid. At this stage, PTTEPI (operator) will maintain its holding of 100% participation interest in blocks M3 and M4.

Blocks M3 and M4 are located offshore in the gulf of Martaban, Myanmar, covering an area of 18,000 square kilometers, with gas potential, and PTTEP is pursuing Geological and Geophysical study for further exploration.