PTTEP to Collect Stakes in 3 Permits Offshore Australia

PTTEP Australasia (Ashmore Cartier) PTY LTD (a subsidiary of PTTEP) has entered into the farm-in agreement with Woodside Energy Limited and the joint venture partners under which PTTEP will acquire a 20% participation interest in Petroleum Exploration Permits WA-378-P, WA-396-P and WA-397-P, located offshore Northwestern Australia.

WA-378-P Permit covers an area of 3,634 square kilometers, WA-396-P Permit covers an area of 4,467 square kilometers, and WA-397-P Permit with an area of 3,886 square kilometers. The farm-in agreement will be fully effective upon receiving approvals from the Australian government. After completion of the agreement, the joint venture partners will consist of Woodside Energy Limited (Operator) with 50% participation interest, PTTEP Australasia (Ashmore Cartier) PTY LTD 20%, Mitsui E&P Australia Pty Ltd and Toyota Tsusho Gas E&P Browse Pty Ltd with 20% and 10% participation interests respectively.

The joint venture partners plan to conduct exploration activities including drilling of one exploration well in 2010. The success in participation investment in Permits WA-378-P, WA-396-P and WA-397-P is in line with PTTEP's key strategic objective in expanding its investment in high potential petroleum areas.