PTTEP Picks Up Additional Australian Oil Assets

PTTEP, in its endeavor to stabilize its investment portfolio, has entered into an agreement to acquire more oil assets in Australia, receiving petroleum exploration rights for five blocks and two offshore oil fields.

Mr. Anon Sirisaengtaksin, the CEO of PTT Exploration and Production Public Company Limited or PTTEP, said that the company has signed a Share Sales Agreement to acquire a 100% interest of OMV Timor Sea Pty Ltd, a subsidiary of OMV Australia Pty Ltd. The purchase price is approximately US $10 million in cash.

OMV Timor Sea Pty Ltd is a company based in Australia who invests in exploration and production offshore assets in northwestern Australia. It currently operates Audacious and Tenacious offshore fields which have oil potential and could start oil production within 2 years, together with their five exploration assets: AC/RL4&5, AC/RL6, AC/P4, AC/P17, and AC/P24 blocks. In addition, it holds 18.75% interest in Jabiru and Challis offshore oil fields which PTTEP is now the operator with 70.9375% interest.

Mr. Anon added, "Our additional acquisition in Australia is a part of PTTEP's strategic plan to seek opportunities in target countries which have petroleum potential. The aims are to generate potential synergies of existing assets and to add value of investment profiles as well as to ensure the company growth in the long term."

PTTEP is the first and only Thai-operated company in the upstream oil & gas business with the mission to explore for, develop, and produce petroleum from onshore and offshore sources in Thailand and other countries. Throughout 24 years in business, PTTEP has expanded its business horizon through the investments in 13 countries worldwide.