PTT Exploration and Production Public Company Limited

PTTEP Found Natural Gas at Oliver Field in the Timor Sea

23-Feb-2010

PTTEP has found commercial viable amount of natural gas at its exploration well Oliver-2 in the Timor Sea. The well has good potential for production with the floating liquefied natural gas technique, popularly known as FLNG. The success added more confidence to the company which is planning to invest 15,600 million baht in Australia this year.

Mr. Anon Sirisaengtaksin, CEO and President of PTT Exploration and Production Public Company Limited or PTTEP said that the company drilled Oliver-2 exploration well to the last depth of 3,233 metres and found a reservoir with a net gas thickness of 81 metres. This is a promising progress and it is likely to lead to the development of the FLNG business in the future.

The company in October 2009 bought the rights for the Block AC/P33, also known as Oliver field. The Australian Government has approved the transaction. Block AC/P33 or Oliver field is in the Timor Sea Northwest of Australia covering an area of 421 square kilometers. It is about 30 kilometres away from Jabiru and Challis fields and is close to Audacious and Tenacious fields as well as other fields

In 2010, PTTEP will continue to develop the Montara field and drill 2 to 3 exploration and appraisal wells in other fields. It will also conduct preliminary engineering studies on FLNG.

23 February, 2010. For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Nuanphen Suk-aram Tel. +66 (02) 537 4476 E-mail: nuanphens@pttep.com
Fax +66 (02) 537 4444

MTJDA-B17 Project Has Started Producing Natural Gas

22-Feb-2010

The PTTEP and Petronas joint-operated MTJDA-B17 Project has started producing natural gas, adding as much as 10% to the supplies of Thailand’s petroleum demand. It is expected to serve the country’s energy demands for at least 16 years.

Mr. Anon Sirisaengtaksin, CEO and President of PTT Exploration and Production Public Company Limited or PTTEP said that MTJDA-B17, an offshore natural gas field in the Malaysia-Thailand Joint Developing Area, has started production from its Muda and Jengka fields. The current delivery of natural gas to PTT Public Company Limited has met the gas quality and quantity as specified in the Gas Sales Agreement at 135 million standard cubic feet per day (MMSCFD). The production rate of condensate is approximately 4,900 barrels per day. By the fourth quarter this year, the natural gas production is expected to reach 335 MMSCFD which is an equivalent to 10% of domestic demands.

MTJDA-B17 Project is consisted of B-17, C-19 and B-17-01 blocks covering an area of 8,000 square kilometers. It is situated in the southern part of the Gulf of Thailand, about 230 kilometres off Songkhla coast and about 150 kilometres from Kota Baru city, Kelantan State, Malaysia.

PTTEP International Co., Ltd. or PTTEPI, a wholly owned PTTEP subsidiary, and Petronas Carligari (JDA) Sdn. Bhd. (PC JDA) of Malaysia received the rights to explore for petroleum in Blocks B-17&C19 and B-17-01 in 1994 and 2004 respectively. The two companies established Carligari-PTTEPI Operating Company Sdn. Bhd. or CPOC in 1994 to be the operator. PTTEPI and PC JDA each holds 50% interest in CPOC. The company has found natural gas and crude oil in many fields including Muda, Jengka, Tapi, Andalus and Tanjung.

PTTEP is the first and only Thai-operated company in the upstrem oil & gas business. It has been in business for almost 25 years and today it has projects in 13 countries.

February 22, 2010. For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com / Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com / Nuanphen Suk-aram Tel. +66 (02) 537 4476 E-mail: nuanphens@pttep.com Fax +66 (02) 537 4982

PTTEP Wins Exploration Rights in Algeria

22-Dec-2009

PTTEP and CNOOC jointly won the petroleum exploration rights for Hassi Bir Rekaiz block in Algeria. PTTEP sees this success as a good opportunity to strengthen its investment profile in the North African region.

Mr. Anon Sirisaengtaksin, the CEO and President of PTT Exploration and Production Public Company Limited or PTTEP said that the company acquired the rights through the Algeria 2009 Bid Round to explore for petroleum in Hassi Bir Rekaiz block. PTTEP through its wholly owned subsidiary, PTTEP Algeria Company Limited or PTTEP AG, and CNOOC International Limited participated in the bidding round.

Hassi Bir Rekaiz block covers an area of 5,670 square kilometers. It is situated onshore in the Southeast Zone of Algeria. PTTEP AG is an operator with 50% share in this block, the same amount of shares held by CNOOC.

The block is the 2nd petroleum block that PTTEP has in Algeria. It is approximately 115 kilometers east of the Bir Seba oil field which is being developed by Sonatrach (Algeria’s national oil company), PetroVietnam Exploration and Production Corporation (PVEP), and PTTEP.

PTTEP’s investment in Algeria as well as its cooperation with CNOOC is part of PTTEP’s strategic plan to seek opportunities in target countries which have high petroleum potential. The aims are to ensure the company growth and to ensure energy security for Thailand in the long term.

For more information, please contact External Relations Department:
Sidhichai Jayant Tel. 02 537 4592 E-mail: sidhichaij@pttep.com / Tongchit Pongorapin Tel. 02 537 4587 E-mail: tongchitp@pttep.com / Nuanphen Suk-aram Tel. 02 537 4476 E-mail: nuanphens@pttep.com
Fax. 02 537 4982

PTTEP Office Relocation

15-Dec-2009

We are pleased to announce that PTTEP and its Subsidiaries will be moving into new office premises on 1st January 2010 at the following address:

PTT Exploration & Production Pcl.

Energy Complex Building A

6th Floor & 19th - 36th Floor

555/1 Vibhavadi Rangsit Road, Chatuchak, Chatuchak Bangkok 10900

Please note that the telephone numbers and fax numbers of PTTEP personnel remain unchanged
After our relocation, we will maintain a mail room in our previous location at PTTEP Building until the end of March 2010, after that any correspondence mailed to the old address will be forwarded to our new address above.

PTTEP Received Best Performance Award and Corporate Governance Report Award from SET Awards 2009

30-Nov-2009

Recently, Mr. Anon Sirisaengtaksin (Right), Chief Executive Officer of PTT Exploration and Production Public Company Limited or PTTEP, received 2 awards from Deputy Finance Minister Pradit Pataraprasit presided over The Stock Exchange of Thailand (SET) Awards ceremony: Best Performance Award and Corporate Governance Report Award which were presented to the listed company with outstanding performance as well as outstanding CG Report. The ceremony was held by the Stock Exchange of Thailand at Siam Paragon.

18 November 2009
Additional information please contact to the department of external relations
Tongchit Pongorapin (02)537-4587 E-mail: tongchitp@pttep.com
Surayot Aimlaor (02)537-4588 E-mail: surayota@pttep.com

PTTEP Managed to Put Out the Fire in Timor Sea

03-Nov-2009

PTTEP Australasia (PTTEP AA), a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP) reported at 3 November 2009 (17.15 Darwin time) that the fire at the West Atlas rig at Montara wellhead platform has been put out after heavy mud had been successfully injected into the leaking well. The company is closely monitoring the situation and its experts are ready to assess the damages and to make plans for future work.

The company has insurance coverage of 270 million US dollars. It will soon start working to claim the damages which will be booked as income in the next quarter.

Future production plan for this rig will be considered after the experts had assessed the damages.

PTTEP CEO Mr. Anon Sirisaengtaksin said that PTTEP AA received good assistance from the Australian Government during the oil leak and the fire at the rig and would like to express his sincere thanks. PTTEP AA has worked closely with the Australian the Australian Maritime Safety Authority or AMSA and agencies concerned to control the oil slick. The company also cooperated with Australian environment agencies and experts to monitor the environment in the Timor Sea both in the short team and the long term.

External Relations,
Sidhichai Jayant/ Tongchit Pongorapin/ Nuanphen Suk-aram
Tel. 02 537 4000

PTTEP Australasia is Working to Control the Fire at Timor Sea

02-Nov-2009

PTTEP Australasia Company Limited (PTTEP AA), a subsidiary of PTTEP reported that at 7.00 hrs. Thai time (9.30 hrs. Darwin, Australia) on Sunday 1 November 2009, while the company was trying to intercept the leak and injecting the heavy mud into the well at Montara Wellhead Platform, West Atlas rig in the Montara Field, a fire broke out at the rig for unknown reason at 9.40 hrs. Thai time (12.10 Darwin time).

The company used a fire fighting vessel and fire fighting experts from ALERT Well Control stationed at the nearby West Triton rig which is situated 2 kilometers away from West Atlas to help control the fire. West Triton rig is used to drill the relief well to intercept the oil and natural gas leak. PTTEP AA is cooperating with Australian agencies concerned to control the situation and ensure quick return to normalcy.

All 113 personnel on West Triton are safe. There were no casualties.

Further information please contact
Tel. 0-2537 4507
Fax. 0-2537 4982

PTTEP 3rd Quarter Operating Results

28-Oct-2009

PTTEP had a net profit of Baht 5,259 million for the 3rd quarter of this year. While the Montara’ incident expenditure was recorded, it was tax deductible and the compensation from the insurer is expected to be paid starting from next quarter. Also in the third quarter, the company made due preparations to deliver first natural gas from MTJDA-B17 by the end of the year.

Mr. Anon Sirisaengtaksin (???????? ?????????????), the CEO of PTT Exploration and Production Public Company Limited or PTTEP, touching on the operating result for the 3rd quarter of 2009, said that the company and its subsidiaries posted a net profit of Baht 5,259 million, a decrease of Baht 7,725 million or 59% compared to the profit of Baht 12,984 million posted in the same period of last year. The returns on shareholders’ equity for this quarter were 15%.

For this quarter, the total revenue was Baht 30,769 million, a decrease of Baht 11,665 million or 27% compared to the revenue of 42,434 million posted in the same period of last year. The sales value of petroleum decreased by Baht 11,109 million, resulting from the lower average petroleum sales price in this quarter, which fell from USD 54.52 per barrel of oil equivalent (BOE) in the same quarter of last year to USD 39.90 per BOE due to lower world market prices. Other factors contributing to the revenue decrease were the average sales exchange rate for this quarter which rose to Baht 34.31 per USD from the same period of last year’s Baht 33.65 per USD because of the weaker Baht, and the sales volume in this quarter which fell to 234,601 barrels of oil equivalent per day (BOED) compared to the same period last year of 240,839 BOED. This was due to Arthit Project’s maintenance shutdown and decrease of Pailin Project’s nomination. However, there were increases in natural gas sales volume from the Arthit North Project and natural gas and crude oil sales volume from the Vietnam 9-2 and B8/32&9A projects in this quarter.

PTTEP and its subsidiaries incurred expenses amounting to Baht 22,420 million, an increase of Baht 3,787 million against Baht 18,633 million for the same period of last year. This increase was the net effect of the loss from crude oil and gas leak incident at Montara Field of the PTTEP Australasia Project. The expenditures mainly included costs for drilling a relief well, cleaning up, and costs in relation to other project activities which have been delayed. According to the accounting standard – Provisions, Contingent Liabilities and Contingent Assets, the company is required to determine and recognize all expenditure which is related to the incident in the company’s financial statement immediately in the period when it occurred. PTTEP, therefore, has recorded the Montara’ incident expenditure of 5,174 million baht in the financial statement of the third quarter of 2009. However, it is tax deductible as taxable expenditure. PTTEP also has insurance policy to cover this incident. The Company is now on process of claiming with the insurer. It is expected to receive compensation from the insurer starting from next quarter.

One of the key progresses in the third quarter was the MTJDA B-17 Project, which PTTEP hold 50% interest, where major facilities have been successfully installed, including the central processing platform, living quarter platform, flare platform, wellhead platforms, bridges, intra-field pipelines, and floating storage and offloading unit (FSO). In addition, the production testing and commissioning work has been performed on wellhead platforms and the central processing platform as planned. Production start up from Muda and Jenka fields is planned for the end of 2009, with initial rate of 135 million standard cubic feet per day of natural gas. It represents another major achievement in expanding PTTEP’s portfolio in the region and securing long-term gas supply for the country.

For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com;
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com;
Nuanphen Suk-aram Tel. +66 (02) 537 4476 E-mail: nuanphens@pttep.com
Fax +66 (02) 537 4982

PTTEP Acquires more Oil Company in Australia

25-Sep-2009

PTTEP, in its endeavor to stabilize its investment portfolio, has entered into an agreement to acquire more oil company 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 USD 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 that “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.”

September 25, 2009.

For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com;

Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com;

Nuanphen Suk-aram Tel. +66 (02) 537 4476 E-mail: nuanphens@pttep.com
Fax +66 (02) 537 4982

PTTEP attempts to bring the Montara leak under control

24-Aug-2009

Following the crude oil and gas leak incident which occurred on August 21, 2009 at 0530 (Darwin time) at Montara development in the Timor Sea, PTTEP Australasia, a subsidiary of PTTEP, is acting quickly to disperse the oil slick in the sea and to bring the leak under control.

Mr. Anon Sirisaengtaksin (???????? ?????????????), PTTEP CEO, said that the company is focusing its efforts on two issues. The first is to eliminate the oil slick and another is to control the well in order to stop the leak. The company is consulting with international experts in both fields. It is also working closely with the Australian Maritime Safely Authority (AMSA) and local authorities concerned to ensure that the work is done safely and with minimal environmental impact.

The company’s oil dispersant operation started with the use of C-130 Hercules aircraft to combat the oil slick by spraying chemical substance on it. After two flights, the company found that the result was quite satisfactory as the size of the oil slick had been visibly reduced. This was also helped by the fact that Montara crude is light oil which evaporates relatively easily. The oil slick which covers an area of 8 nautical miles long and 30 meters wide has not shown signs of expanding.

To control the well, the company is planning to drill a relief well that would intersect the existing well and stop its oil and gas flow. The company has submitted the plan to the Government of Australia. Concurrently, the company is studying other methods to solve the problem based on its concern on safety and the effect on the environment.

After the oil and gas leak incident on August 21, 2009, all 69 personnel onboard were evacuated from West Atlas, the mobile offshore drilling unit, with no casualties.

Montara Development is located in the Timor Sea approximately 690 km west of Darwin in the Northern Territory and is 250 km northwest of Truscott in Western Australia. It is consisted of the Montara, Skua, Swift and Swallow oil fields and is located in Production Licence AC/L7 and AC/L8 in the East Timor Sea.

For further information, please contact
M.L. Sidhichai Jayant (02) 537-4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin (02) 537-4587 E-mail: tongchitp@pttep.com
Nuanphen Suk-Aram (02) 537-4476 E-mail: nuanphens@pttep.com

PTTEP report on crude oil and gas leak incident in Australia

21-Aug-2009

Today (August 21, 2009) PTTEP Australasia confirms that a crude oil and gas leak incident occurred at 0530 (Darwin time) in the Montara development in the Timor Sea approx. 690 km west of Darwin in the Northern Territory and 250 km northwest of Truscott in Western Australia. The company has activated its emergency management procedures and authorities have been notified.

The 69 personnel onboard the West Atlas were evacuated from the vessel and had been transferred safely to other work vessels. All personnel are safe. There were no injuries. Weather in the area is calm with light north east winds.

PTTEP has notified authorities as part of its emergency response. The Australian Marine Oil Spill Centre (AMOSC) is mobilizing aircraft and dispersant to be in Darwin tonight and to begin aerial spraying of the spill tomorrow.

The size of the spill is not known. Approximately 40 barrels of oil were discharged from the wellhead in the initial incident. Since then, condensate has been discharged at pressure dispersed in the gas stream.

The West Atlas is a Mobile Offshore Drilling Unit, operated by Seadrill. It is under contracted to PTTEP Australasia (Ashmore Cartier) Pty Ltd.

The Montara Development consists of the Montara, Skua, Swift and Swallow oil field and is located in Production Licence AC/L7 and AC/L8 in the East Timor Sea. The field expected to come online in late 2009.

For more information, please contact
M.L. Sidhichai Jayant (02) 537-4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin (02) 537-4587 E-mail: tongchitp@pttep.com
Mike Groves PTTEP Australasia Tel.: 0411 828 073

Her Royal Highness Princess Maha Chakri Sirindhorn Graciously Visits PTTEP�s Arthit Platform in the Gulf of Thailand

14-Aug-2009

Her Royal Highness Princess Maha Chakri Sirindhorn on 13 August 2009graciouslypaid a royal private visit to Arthit platform in the Gulf ofThailand. The visitwas arranged so that Her Royal Highness could observe howofficials of PTTExploration and Production Public Company Limited operate theplatform.

On hand to welcome Her Royal Highness were Minister ofEnergyDr.Wannarat Channukul, the Director-General of the Department of MineralFuelsand senior government officials, PTTEP Chairman Mr.Prasert Bunsumpun,PTTEP CEOMr.Anon Sirisaengtaksin, PTTEP President Mr.Maroot Mrigadat.

Arthitis the first petroleum project that PTTEP developed from thebeginning. Thecompany conducted exploration, supervised the design of theplatform, developedand now operates the project which is situated in NavamindraPetroleum Area inthe Gulf of Thailand about 230 kilometres off SongkhlaProvince. It covers anarea of 3,682 square kilometers, and is adjacent toBongkot Project which is alsooperated by PTTEP.

PTTEP received theconcession for Blocks B14A,B15A and B16A after the Governments of Thailand andVietnam finalized thedemarcation agreement for the Gulf of Thailand in 1998.The Government ofThailand gave PTTEP the rights to explore, develop, andproduce petroleum in thearea belonging to Thailand. On 26 March 2008, after astrenuous 10 years of hardwork, the company proudly delivered the first gas.The project has become an iconof what PTTEP and Thai people can achieve.

Today Arthit Projectproduces 370 million standard cubic feet of gasper day (mmscfd) and 20,000barrels of condensate per day, supplying about 10%of Thailand’s gas demand. Itis expected to maintain the gas supply for 20years.

Arthit Projectwas developed with an investment of 52,400million baht (about US$ 1,414million). Its main structures are the centralprocessing platform weighing 16,800tons, one of the biggest in the Asia-PacificRegion, a living quarter platformwhich accommodates 150 workers, 6 remotewellhead platforms and 90 productionwells. It also uses the most moderntechnologies such as CO2 Removal usingmembrane method, Field Bus Technologywhich is the most advanced system used forfield control, Remote WellheadPlatform System which is used to open and closethe production well valves andthus helping to reduce the technicians’ need totravel to work on remotewellhead platforms.

The production processadheres to PTTEP’s safetyand environmental standards making it not only anenvironmental friendly projectbut also safe one. The platform was designed withsafety in mind. That coupledwith the use of modern equipment help raise theefficiency of the project.

The partners in Arthit Project are PTTExploration and ProductionPublic Company Limited or PTTEP (Operator) with 80%share, Chevron ThailandExploration and Production with 16% share and MOECOThailand with 4% share

August 13, 2009

For more information,pleasecontact

Sidhichai Jayant Tel +66 (02) 537 4592E-mail:Sidhichaij@pttep.com

Tongchit Pongorapin Tel +66 (02) 537 4587E-mail:Tongchit@pttep.com

PTTEP received Best Public Company of the Year 2009 Award

09-Jul-2009

Recently, Mr. Maroot Mrigadat (right), President of PTT Exploration and Production Public Company Limited or PTTEP received “The Best Public Companies of The Year 2009 Award” from Mr. Korn Chatikavanij, Minister of Finance at MONEY & BANKING AWARDS 2009, organized by Money and Banking magazine. This award was given to listed companies on the Stock Exchange of Thailand that has excellent performance and efficient management. This year PTTEP is the only company to receive this award.

13 July 2009
Additional information please contact to the department of external relations
Tongchit Pongorapin (02)537-4587 E-mail: tongchitp@pttep.com
Surayot Aimlaor (02)537-4588 E-mail: surayota@pttep.com

PTTEP Bond Road Show

27-Apr-2009

Recently, Mr. Anon Sirisaengtaksin (middle), the Chief Executive Officer of PTTEP and Mr. Chatchawal Eimsiri, (3rd from the right) Vice President, Finance and Accounting Division of PTT Exploration and Production Public Company Limited (PTTEP) and 14 financial institutions launched a road show to drum up the sales of new “PTTEP Bond” which will be made available to investors and institutions in May this year.

(From Left to Right)
Mr. Surabhan Purnagupta , Vice President, Finance and Accounting Division of Bangkok Bank, Mr. Thun Reansuwan, Chief-Corporate Finance of Kasikorn Bank, Mrs. Niratchara Siriamphunkul ,Director, Head of Investment Banking of Barclays capital (Thailand), Mr. Anon Sirisaengtaksin, Chief Executive Officer of PTT Exploration and production Plc., Mr.Chutchawal Eimsiri, Vice President Finance and Accounting Division of Financial and Accounting Department of PTT Exploration and Production Plc., Mr. Chainarong Eursithichai, Senior Vice President & Manager of Krungthai Bank, Mr. Pornthep Panyarachun, SVP & Manager, Debt Capital Markets

PTTEP-Deutsche Bank signed an agreement to implement the Account Receivables Purchase Facility

06-Feb-2009

Recently, Mr. Anon Sirisaengtaksin, Chief Executive Officer of PTT Exploration and Production Plc (PTTEP) and Mr. Richard Yacenda, Managing Director of Deutsche Bank AG, Asia Pacific Head Office signed an agreement to implement the Account Receivables Purchase Facility, with Mr.Maroot Mrigadat, President of PTTEP and Mr.Suranit Sorasuchart, Chief Operating Officer of Deutsche Bank, Bangkok Branch as witnesses. Under this structured trade finance deal, PTTEP will be able to sell an agreed amount of each month’s trade receivable to Deutsche Bank on a without recourse basis and receive cash upfront. This newly implemented solution serves not only to bolster PTTEP’s cash management efficiency, but will also enhance the company’s fundraising capability through balance sheet improvements.

February 6, 2009
For more information, please contact
Tongchit Pongorapin Tel. 0-2537-4587 E-mail: tongchitp@pttep.com
Surayot Aimlaor Tel. 0-2537-4588 E-mail: surayota@pttep.com

PTTEP receive Corporate Governance Awards 2008 from The Asset Magazine

27-Jan-2009

Recently, Mr. Theerasak Tancharoenlarp (Center), Senior Manager of Corporate Secretary Office and M.L. Sidhichai Jayant (Right), Manager of External Relations Department represented PTT Exploration and Production Plc. or PTTEP to receive The Asset Corporate Governance Awards 2008, organized by The Asset Magazine in Hong Kong. This award is presented for recognition of companies in Asia who have best performance and comply with best practices of international corporate governance standards. PTTEP is 1 of 5 companies in Thailand who received the awards.

For more information, please contact External Relations Department
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Surayot Aimlaor Tel. +66 (02) 534 4588 E-mail: Surayota@pttep.com
Fax +66 (02) 537 4982

PTTEP�s subsidiary signs Share Sales Agreement to acquire Coogee Resources Limited

25-Dec-2008

PTT Exploration and Production Public Company Limited (“PTTEP”), through its wholly owned Australian subsidiary, has today signed a conditional Share Sales Agreement to acquire a 100% equity interest in Coogee Resources Limited (“CRL”). CRL is a private company based in Western Australia and engages in investment in, and development of, oil and gas exploration and production assets in Australia.

The purchase price for the 100% equity interest is approximately USD 170 million in cash. As of September 30, 2008, the effective date of the transaction, CRL had net debt of approximately USD 243 million. Based on the purchase price and net debt, the estimated EV/BOE multiples of 1P reserves is approximately USD 12.90.

CRL currently operates the Jabiru and Challis offshore oil fields (70.94% CRL interest), which together with its key development asset, the 100% owned Montara Project, collectively provides PTTEP with estimated net 1P oil reserves of 32 mmbbl and net 2P oil reserves of 45 mmbbl (CRL Report June 2008). Additionally, CRL also provides PTTEP with significant contingent resources from the working interests in production and exploration licenses including AC/L7, AC/RL7, AC/P34, AC/P32, and AC/P40.

Mr. Anon Sirisaengtaksin, Chief Executive Officer of PTTEP, said, “We are delighted to have reached an agreement to acquire CRL through a process which has drawn interest from various oil and gas companies. This acquisition is an example of PTTEP’s ability to acquire strategic assets at attractive valuations in the current market environment. CRL has an attractive portfolio of producing and near term development assets of high quality crude oil, with a significant amount of proven and probable reserves. Furthermore, CRL provides substantial potential upside from the development of contingent gas resources and high quality appraisal and exploration targets.”

This acquisition is aligned with PTTEP’s key strategic objectives of growing its international operations and provides a unique platform for expansion in the low sovereign risk Australian oil and gas market. Currently PTTEP has existing exploration assets in the proximity of CRL’s assets, which together can generate potential synergies and contribute to helping PTTEP achieve its desired growth targets. The expected benefits of this investment includes an attractive opportunity to acquire high quality development appraisal and exploration assets in the hydrocarbon rich Bonaparte Basin, and potential monetization of significant stranded gas resources through Floating LNG technology, within the proximity of the high-growth Thai gas market.

Mr. Anon added, “CRL will provide us a solid platform for further expansion in Australia. PTTEP intends to maintain CRL’s existing management team and employees. These highly valuable employees have contributed to building a strong foundation to ensure the ongoing success of CRL. We are confident that they will continue to help strengthen PTTEP’s operations in Australia.”

PTTEP will use existing cash balances and cash flow from operations to finance the acquisition of CRL. This acquisition is expected to be completed within the first quarter of 2009 and subject to typical conditions precedent, including Australian regulatory approvals.

December 25, 2008
For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Fax +66 (02) 537 4982

PTTEP and Murphy Continues to Expand Investment after Winning Exploration Rights in to Additional Block in Australia

21-Nov-2008

PTTEP and Murphy Australia Oil Pty Ltd. had another breakthrough in their joint investment when they won the rights to explore for petroleum in a block in Australia. It comes only one week after the announcement that PTTEP had teamed with another Murphy entity to gain the rights for petroleum exploration in Indonesia.

Mr Anon Sirisaengtaksin, CEO of PTT Exploration and Production Public Company Limited or PTTEP said that the company received the rights for petroleum exploration in Block WA-423-P after participating in the 2008 Australian bidding round. Only last week PTTEP received the similar rights for Block Semai II in Indonesia.

Block WA-423-P covers an area of about 4,000 square kilometers and is considered as having high petroleum potential. This Block is situated in the Browse Basin, off the northwestern coast of Australia where several giant natural gas fields have been discovered. It is also close to Block AC/P36 where PTTEP had earlier invested in. PTTEP will hold 30% share in the block while Murphy Australia Oil Pty Ltd., the operator, holds 70% share.

During the first 3 years, the consortium will conduct 3D seismic survey and drill at least 1 exploration well.

Australia is a country that international oil companies are interested in. The country has high natural gas potential and PTTEP sees the cooperation with Murphy which already is a partner in Block AC/P36 in Australia as a good opportunity for future business.

November 21, 2008
For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Fax +66 (02) 537 4982

PTTEP Wins Gas Exploration Rights in Indonesia

13-Nov-2008

PTTEP, in its endeavor to strengthen its foreign investment profile, won the petroleum exploration rights for Block Semai-II, adding them to the investment profiles in Indonesia.
Mr Anon Sirisaengtaksin, the CEO of PTT Exploration and Production Public Company Limited or PTTEP said that the company acquired the rights through the Indonesia Petroleum Bidding Round 2007. PTTEP joined hands with its partners in participating in the bidding process.

Block Semai II covers an area of 3,379 square kilometers. It is situated offshore southwest of West Papua, Indonesia. PTTEP holds 33.33% share in this block while Murphy Oil Corporation, the operator, holds 33.33% share and INPEX Corporation of Japan holds another 33.33% share. During the first 3 years, the partners will conduct 3D seismic survey and drill 3 exploration wells. Semai-II Block is the third petroleum block that PTTEP has in Indonesia. The other two are Blocks Merangin-1 and Bangara-1.
PTTEP’s investment in Southeast Asia and Australia as well as its cooperation with partners in making new investments are part of PTTEP’s strategic plan to seek opportunities in target countries which have high petroleum potential. The aims are to ensure growth and to ensure energy security for Thailand in the long term.

November 13, 2008
For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Fax +66 (02) 537 4982

Thai Sailors to Compete for Asian Championship in Bali, PTTEP Renders Full Support

11-Oct-2008

The Thai sailing team receives full support from the Yacht Racing Association of Thailand and PTT Exploration and Production Public Company Limited or PTTEP. Together, the two agencies have agreed to send Thai sailors to participate in four world class events this year. The first event was IODA World Sailing Championship which took place in Turkey in July and was participated by 250 sail boats from 46 countries. This was followed in August by 2008 Laser 4.7 World Championship which took place in Croatia and was participated by 276 sail boats from 52 countries. The championship in Bali is the third event and the last event supported by the Yacht Racing Association of Thailand and PTTEP will be IODA Asian Optimist Championship 2008 which will be held in Qatar late this month.

Yacht Racing Association of Thailand and PTT Exploration and Production Public Company Limited have joined hands to support yacht racing for many years. In 2006 the two agencies joined hands to repair 44 Super Mod sail boats which were under the care of the Association. These boats were designed by His Majesty the King who went on to build the prototype by himself. 17 new boats were also built in that year to increase the number of sail boats to 61 to commemorate the auspicious occasion of the 60th year of His Majesty’s accession to the throne. They were used in the Hua Hin Regatta 2006 event to encourage sailors and Thai youths to use the Super Mod model.

In 2007, PTTEP supported the building of more Super Mod sail boats, bringing the number up to 80 to commemorate the auspicious occasion of His Majesty’s 80th birthday. All of them were used in the Hua Hin Regatta 2008. The association plans to use these boats every year with the hope to further popularize them among Thai youths.

Announcement of the list of successful applicants to visit Sirikit Oil Field

06-Oct-2008

FinanceAsia ranked PTTEP the 3rd Thailand�s Best Managed Company

01-Oct-2008

Recently, PTT Exploration and Production Public Company Limited or PTTEP was ranked the 3^rd Best Managed Company by FinanceAsia, a finance publication based in Hong Kong. The award was voted by the investors and analysts in Asia. Mr. Chatchawal Eimsiri, Vice President, Finance and Accounting Division (left), received the award on behalf of PTTEP. In addition PTTEP also ranked top ten for the company with the most outstanding practices in the following areas: best investor relation, best good corporate governance and best dividend policy.

???.??. ????????????????????????????? ?????????????? �???????????????????????????????? (FLNG)� ????????????????????????????

14-Aug-2008

???.??. ????????????????????????????????????????????????? ??????????????????????????????? ????????? ?????????????????????????????????????????????????????????? (Floating Liquefaction Natural Gas Production ???? FLNG) ?????????????????????????????????????? ??????????????????????????????????????????????????????????????????????? LNG ??? ???. ???????

???????? ????????????? (Mr. Anon Sirisaengtaksin) ????????????????????????????? ???.?????????????????????? ????? (?????) ???? ???.??. ???????????????? (14 ??????? 2551) ???.??. ??????????????????????????? (Memorandum of Understanding) ???????????????????????????????????????????????????????????????????? ???? FLNG (Floating Liquefaction Natural Gas Production) ???????????????????? ????????? ????? (Golar LNG Limited) ??????????????????????????????????????????????????? ???? ? ?????????????????????????????????????????????????????????? (Stranded Gas Field) ??????????????????????????????????? ???????????????????????????????????? ???????? FLNG ???????????? ????????? ??????????????????? ??????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????

“???.??. ????????????????????????????????????????????????? ????????? ?????????????????????????????????????????????? 2 ???????????????????? ????????? ???.??. ??????????????????????????? ????? ??????????????????????? ? ?????????? ?????????? ????????? ??????????????????????????????????????????????????????????????????????? LNG ????????????????????????????????????? FLNG ???????? ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????? ???.??. ????????? ???????????????????????? LNG ??? ???. ??????? ??????????????????????????????????????????????????????????????????????????????????” ?????????????

FLNG ??????????????????????????????? ??????????????????????????????????????????????????????????????????? 3-4 ?????????? ???.??.?????????????????????????????????? FLNG ????????????????????????????? ???.??. ???????????????????????????????????????????????????????? ????????????????????????????????? ? ??????? ???????????????????????????????????????????????????? (Gas Value Chain) ????????????????????????????????????????????????? ???.??. ??????????????

????????????? ????????? ????? ????????????????? ???????????????????????????????????????????????????????????????????? 30 ?? ???????????? ? ????????????????????????????????????????????????????????????????????? (Floating Storage and Regasification Unit ???? FSRU) ????????????????????????????????? ???????????????????????????????????????????????????????????????? FLNG ??????????????

???? ???.??. ???????????????????????????????????????????????????????????????? ?????????????????????? ????? ??????????????????????????????????????????????????????????????????????????? 23 ?? ????????????????????????????????????????????????????????????????????? 40 ????????? 14 ?????????????

14 ??????? 2551 ????????????????????????? ?????????????????????????????
???????? ??????? ???. 02 537 4592 sidhichaij@pttep.com
???????? ??????????? ???. 02 537 4587 tongchitp@pttep.com
?????? 02 537 4982

PTTEP Inked MOU on FLNG Alliance with Golar LNG

14-Aug-2008

PTT Exploration and Production Public Company Limited or PTTEP is pleased to announce that it has signed today the Memorandum of Understanding (MOU) with Golar LNG Limited to collaboratively develop Floating Liquefaction Natural Gas production (FLNG) globally. This collaboration starts the new PTTEP’s strategic direction to expand its E&P business and to drive its growth from commercializing stranded gas and to secure natural gas supply to Thailand.

Mr. Anon Sirisaengtaksin (???????? ?????????????), PTTEP Chief Executive Officer, revealed that under the agreement the two companies will jointly pursue investment in FLNG projects worldwide. The MOU outlines the direction and frame of collaboration between the two companies. They will equally share risks and rewards of the projects. They will jointly conduct the study on the investment in stranded offshore or close-to-shore gas fields which could deploy the FLNG technology to commercialize such natural gas economically. PTTEP will contribute its upstream experience in petroleum exploration and production as well as access to gas market while Golar LNG will contribute its strong expertise in LNG technology and services.

Mr. Anon added that “We are delighted to join hands with Golar LNG which is one of the world’s leading LNG transportation service providers who has strong expertise in LNG business. Both companies see this collaboration as a major step forward in recent trend of utilizing unconventional technologies in the energy industry to drive both companies’ long term growth.”

Golar LNG Limited, a firm founded in 1946, is a leading independent owner and operator of LNG ships, providing traditional LNG transportation services with over 30 years experience. It is recently commencing the world first Floating Storage and Regasification Unit (FSRU) in Brazil which will be a strong basis for FLNG development.

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 23 years in business, PTTEP has expanded its business horizon overseas through the investments in 40 E&P projects in 14 countries worldwide.

August 14, 2008
For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Fax +66 (02) 537 4982

PTTEP Signs MOU with Three Thai Universities on Petroleum Geosciences Research and Development

31-Jul-2008

PTT Exploration and Production Public Company Limited or PTTEP has entered into the memorandum of understandings (MOU) with Chulalongkorn University, Chiang Mai University and Khon Kaen University for the research and development in petroleum geosciences.

Mr.Anon Sirisaengtaksin (???????? ?????????????), CEO of PTTEP said that the company on July 30, 2008, signed MOU with three universities to strengthen teaching and research activities. PTTEP, the national petroleum exploration and production company, valued the research and development in geology and geophysics to advance the Thai petroleum industry.

The MOU outlines the procedures for providing academic and financial support to Chulalongkorn University, Chiang Mai University and Khon Kaen University for selected academic and research activities related to petroleum exploration and production carried out by their academic staff and students. PTTEP and each university will appoint representatives to the Research and Development (R&D) Committee for collaboratively working on the approval, evaluation and supervision of the selected research activities and academic projects.

For years, PTTEP has given financial support focusing on academic program development to the Department of Geology, Chiang Mai University and the Department of Mining and Petroleum Engineering, Chulalongkorn University.

Mr. Anon added that “this is a significant collaboration between the private sector and academic institutions in research and development in petroleum geosciences in Thailand. It will improve the quality of the curriculum, research and development for petroleum exploration and production and will enhance the capability of students and academic personnel. This collaboration in petroleum exploration and production technology will help encourage innovation which will benefit not only the company but the nation as well”.

July 30, 2008. For more information, please contact
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Fax +66 (02) 537 4982

PTTEP Started Production of Crude Oil from Vietnam 9-2 Project

28-Jul-2008

5/2551

PTTEP has started production of crude oil and natural gas from Ca Ngu Vang field of Vietnam 9-2 project. This is the third PTTEP project that started production this year.

Mr. Anon Sirisaengtaksin (???????? ?????????????), CEO of PTT Exploration and Production Public Company Limited or PTTEP said that the production of crude oil from Ca Ngu Vang Field, located in Block 9-2, started on 25 July 2008 at the rate of approximately 8,000 barrels per day (bpd). The production is expected to rise to approximately 20,000 bpd of crude oil and 25-50 mmscfd of natural gas by the end of this year.

Ca Ngu Vang is a petroleum field with high potential. Crude oil was first discovered in 1998. The Government of Vietnam gave the permission to commercially develop it in 2006.

Vietnam 9-2 Project is 140 kilometres off shore Vung Tao City in Vietnam, covering an area of about 1,370 square kilometers. It is operated by Hoan Vu Joint Operating Company which was founded by its three partners namely PTTEP Hoan Vu Co.,Ltd., a subsidiary of PTTEP, with 25% share, PetroVietnam Exploration Production Corporation with 50% share, and SOCO Vietnam Ltd. with 25% share.
Since the beginning of the year 2008, PTTEP has started production from three new projects: G4/43 Project in the Gulf of Thailand which produces approximately 8,000 barrels of crude oil per day, Arthit Project which PTTEP is the operator and holds 80% share now produces approximately 370 million cubic feet of natural gas per day (MMSCFD) and about 20,000 barrel per day of condensate, and the Vietnam 9-2 Project. Waiting in the wings are JDA Project, scheduled to start production next year, and Vietnam 16-1 Project which will start production in 2011.

July 28, 2008
For more information, please contact Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com Fax +66 (02) 537 4982

PTTEP reports on Q1 results and projects progress

08-May-2008

32% Increase of Net Profit in the First Quarter

Mr. Anon Sirisaengtaksin (???????? ?????????????), Chief Executive Officer of PTTEP revealed that the company and its subsidiaries’ net profit for the first quarter of 2008 was baht 8,905 million, an increase of baht 2,134 million or 32% from 6,771 baht posted during the same period of last year.
In this quarter, PTTEP and its subsidiaries had total revenue of baht 28,374 million, an increase of baht 7,104 million or 33% from baht 21,270 million registered during the same period of last year. This was mostly due to the higher average product price which was at US$ 48.24 per barrel of oil equivalent (BOE) compared with US$ 35.43 per barrel of oil equivalent (BOE) during the same period of 2007. The currency exchange rate was baht 32.82 a dollar compared with baht 36.15 a dollar during the same quarter of last year.

Another factor was the increase in sales volume to 182,431 barrels of oil equivalent per day (BOED) compared with 171,170 BOED in the same quarter of last year. The increase was mostly made up by the increased sales of natural gas and condensate from Bongkot and Oman 44 projects as well as Arthit Project which has started natural gas delivery to PTT since late March. At present, the project can deliver gas at 330 million standard cubic feet per day (MMSCFD).
As of March 31, 2008, PTTEP and its subsidiaries had total assets of baht 201,607 million, up baht 11,568 million from the end of 2007.

Full Operating Capacity at Arthit Helps Push PTTEP Sales Volume up by 18%

Arthit Project, where PTTEP is the operator with 80% interest, has started its natural gas production since late March. Today, the project delivers natural gas and condensate to PTT at the contractual rate of 330 MMSCFD and 16,000 - 20,000 barrel per day respectively. This represents 18% of the company’s production out put target of 223,334 barrel of oil equivalent per day (BOED). Arthit’s production out put will serve 10% of domestic demand for at least 20 years. The company has also boosted Arthit North development by completing the installation of the 1st wellhead platform in March. Arthit North is expected to start-up its production by August this year.

G4/43 Project, another project which PTTEP holds 21.375% of interest, has started its crude oil production since January. Its production rate has been increasing gradually to 5,900 barrel per day since March.
M9 Exploration and Appraisal Campaign was successful. The Project Now Enters Development and Gas Sales Phase

PTTEP has completed its drilling of additional exploration and evaluation wells at M9 Block in the Gulf of Martaban in the Union of Myanmar. The drilling campaign was done at the beginning of 2008 and natural gas was found in 4 exploration wells. The company expects to sign Heads of Agreement (HOA) for M9 Block with Myanmar government in the near future. The agreement will cover the project development plan and gas sales. The Gas Sales Agreement is expected to be signed within this year.
PTTEP plans to start production at M9 with the initial rate of 300 MMSCFD of natural gas in 2011 or 2012. Most of the natural gas will be exported to Thailand. The company will start development of M3 and M7 Projects by drilling two exploration wells in the third quarter of this year.

May 7, 2008

For more information, please contact External Relations Department
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Fax +66 (02) 537 4982

PTTEP Prepares to Send Relief Packages to Help Cyclone Victims in Myanmar

07-May-2008

In its effort to alleviate the hardship of the Myanmar people who were devastated by the cyclone Nargis, PTT Exploration and Production Public Company Limited or PTTEP is making preparation to send relief packages to Yangon. It has prepared diesel oil, food, portable water, towels, corrugated roofing sheets, hammers, and nails worth about 6 million baht. The packages will be loaded on the Royal Thai Air Force C 130 Hercules and transported to Yangon tomorrow (May 7, 2008)

PTTEP CEO Mr Anon Sirisaengtaksin said PTTEP is concerned about the well being of the cyclone victims. In normal situation, PTTEP and its partners already give assistance to the people in Myanmar through their corporate social responsibility programs which included health care, education for young children and quality of life. In time of crisis like this, PTTEP wishes to see the situation returning to normal as quickly as possible which is why it joins hands with the Ministry of Energy to give assistance to the people there.

Mr Anon said that natural gas production at its projects in the Gulf of Mataban was not affected by the cyclone. Yetagun and Yadana Projects continued to produce natural gas as usual. M9, where PTTEP is the operator, was not affected either, because it is only at the development stage and there were no activities at the time of the cyclone. PTTEP office in Yangon; however, was affected by the shortage of electricity, food and fuel, making it inconvenient for the employees.

May 6, 2008
For more information, please contact
Sidhichai Jayant Tel. +66 (02) 537 4592 E-mail: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 E-mail: tongchitp@pttep.com
Fax +66 (02) 537 4982

PTTEP Enters Short-Term Debt Market, Offering to Sell Commercial Papers Through �PF�

23-Apr-2008

The PTTEP Short-Term Financing Program (or “PF”) has been launched for the first time to offer short-term commercial paper to institutional investors and high net worth individuals. The first tranche worth 2,000 million baht is distributed this month (April) by the arranger, Siam Commercial Bank.

PTT Exploration and Production Public Company Limited (PTTEP) Chief Executive Officer (CEO) Mr. Anon Sirisaengtaksin (???????? ?????????????), revealed that the “PF” has been initiated to sell short-term commercial paper to institutional investors and high net worth individuals on a monthly basis. The bidding process is carried out in order to select the financial institution which will assume the role of a B/E arranger and paying agent for the company. This program will commence from April 2008 onwards.

The first tranche of Bill of Exchange (B/E) worth 2,000 million baht has a tenor of 91 days and carries a discount rate of 3.08% per annum. The securities will be made available on April 28, 2008, via the arranger. The minimum face value per B/E note is 10 million baht.

PF is a continuing program, and PTTEP will carry out bids on the third Wednesday of every month in order to select the financial institution who will function as the arranger, distributor, and paying agent for the notes.

PTTEP currently holds AAA credit rating by TRIS, the highest rating possible for a Thai company.
The initiation of the PTTEP Short-Term Financing Program is a significant milestone for the company and heralds its role as a key player in the Thai short-term debt market. The company aspires to set the benchmark for the B/E market by fostering greater reliability and activity, and to create a viable investment alternative for institutional as well as retail investors. In the future, the company may consider utilization of other commercial papers to further develop the market.

April 23, 2008
For more information, please contact
Sidhichai Jayant Tel +66 (02) 537 4592 E-mail: Sidhichaij@pttep.com
Tongchit Pongorapin Tel +66 (02) 537 4587 E-mail: Tongchit@pttep.com

PTTEP's Arthit Project Has Started Producing Natural Gas

27-Mar-2008

07/2008

Arthit Project which is operated by PTT Exploration and Production Public Company Limited or PTTEP has started producing natural gas. It will add 10% to the supplies for domestic use and will serve the country’s demands for as long as 20 years.

PTTEP Chief Executive Officer (CEO) Anon Sirisaengtaksin said that Arthit, a big offshore natural gas field in the Gulf of Thailand, started producing natural gas on March 26, 2008 at 10.30 hours at the initial rate of 80 million cubic feet per day (MMSCFD). The flow rate rose to 130 MMSCFD today (March 27). PTTEP expects it to go up to 200 MMSCFD in the next few days. Afterwards, the company will start the second compressor (Compressor Train 2) to increase the production rate to meet the daily contract quantity (DCQ) at 330 MMSCFD.

During the test production period earlier this month, PTTEP encountered minor production system problems because Arthit is a brand new project which just started operating. The problems have been addressed and repair work is almost completed. There have been no gas pipe leaks.
Mr. Anon said he is happy with the successful development and operation of Arthit Project because it is the first one that PTTEP, a Thai owned company, played a major role in all of its development stages starting from exploration, development, and production. Natural gas from this project will help raise PTTEP’s overall sales volume target this year up to 223,334 barrel of oil equivalent per day.
Arthit Project covers an area of 3,682 square kilometers. It is situated in Navamindra Petroleum Area in the Gulf of Thailand about 230 kilometres off Songkhla shore. PTTEP has invested about 1,000 million US dollars in the project. It is one of the three important gas projects in the Gulf of Thailand that PTTEP is operating. The other two projects are Bongkot and the MTJDA B-17. PTTEP hold 80 % shares in Arthit Project. Other partners are Chevron Thailand Exploration and Production which holds 16% share and MOECO Thailand with 4% share.

For more information, please contact Sidhichai Jayant Tel. +66 (02) 537 4592 Email: sidhichaij@pttep.com
Tongchit Pongorapin Tel. +66 (02) 537 4587 Email: tongchitp@pttep.com

Loan for Energy Complex Company Limited

03-Mar-2008

PTT Exploration and Production Public Company Limited (PTTEP) wishes to announce that PTTEP has provided loans to Energy Complex Co., Ltd. based on PTTEP’s shareholding ratio of 50%, in the amount of Baht 4,000 million, being a part of the total loan amount of Baht 8,000 million. PTT Public Company Limited (PTT), holds another 50% interests, provides Baht 4,000 million. The loan agreement was signed with the same terms and conditions as of PTT’s.

PTT holds a majority shares in PTTEP. Consequently, according to the rules and regulations of the Stock Exchange of Thailand, PTTEP’s loan to Energy Complex Co., Ltd is classified as a connected transaction. The transaction is categorized as a financial assistance jointly offered by PTTEP and PTT according to their respective shareholding interests, which features market terms and conditions. Therefore, this transaction is exempted from the requirement to seek approval from the Shareholders’ Meeting.

PTTEP Operation Results for 2007 and Operation Plan for 2008

14-Feb-2008

PTT Exploration and Production Public Company Limited or PTTEP made a profit of 28,455 million baht in 2007. It sets sales target for 2008 at 24% more than last year, and allocated more than 80,000 million baht for investment in 38 exploration and production projects in Thailand and foreign countries.

PTTEP made a Profit of 28,455 million baht in 2007

Mr Maroot Mrigadat (???????? ??????), President of PTT Exploration and Production Public Company Limited or PTTEP said that unaudited operation results showed that the company and its subsidiaries had a net profit of 28,455 million baht, an increase of 408 million baht from 28,047 million baht registered last year.

Net income was 96,733 million baht, up from 91,723 million baht a year earlier, representing an increase of 5,050 million baht or 6%. Attributing to the increase was the product price which rose to US$ 39.78 per barrel of oil equivalent (BOE) from US$36.52 BOE a year earlier, coupled with the sales volume which went up to 179,767 BOED from 169,348 BOED in 2006. The increase came mostly from the petroleum products from Oman 44 Project, Sin Phu Horm Project in Northeastern Thailand, S1, Pailin and Yadana Projects.

Arthit Project sets to start production in February

Arthit Project has completed the installation of the central processing platform, living quarter, wellhead platforms and the main production facilities. It is now in the process of testing the systems and making preparations for the production of natural gas which is expected to start in February 2008. The initial production volume is set at 330 million standard cubic feet of gas per day (mmscfd), enough to serve about 10% of domestic demands.

PTTEP has invested about US$1,000 million in Arthit Project. It is now one of the three big natural gas projects in the south of the Gulf of Thailand. The other two projects are Bongkot which produces 630 mmscfd and the MTJDA-B17 Project which will start production in 2009 at 270 mmscfd. It is expected that by 2012, the three projects will have a combined production rate of 1,500 mmscfd.

Arthit Project covers an area of 3,682 square kilometers in the Navamindra Petroleum Area in the Gulf of Thailand, approximately 230 kilometres away from the shores of Songkhla Province. The partners are PTTEP, the operator, with 80% interest, Chevrom E&P with 16% interest, and MOECO Thailand with 4% interest.

PTTEP prepares more than 80,000 million baht for investment in 2008 and sets sales volumes target at 24% more than last year

PTTEP will use a sum of 81,232 million baht for exploration, development and production of petroleum in 38 projects this year. Of this, 62,265 million baht or 77% will be used for projects in Thailand and overlapping areas, 7,774 million baht or 9% will be invested in Myanmar, 6,003 million baht or 7% will be used in the Middle East and Africa, 4,425 million baht or 5% will be invested in Vietnam while 765 million baht will be invested in Indonesia, Cambodia, and New Zealand.
In 2008, PTTEP sets petroleum sales volumes target at 223,334 barrel of oil equivalent per day (BOED), an increase of 24% over that of 2007. This is made possible by additional output from new projects including Arthit, Arthit North, Vietnam 9-2 and G4/43.

Proved petroleum reserve rose to 946 million barrel of oil equivalent.

PTTEP’s Petroleum Proved reserves as of December 31, 2007 stood at 946 million barrels of oil equivalent. The increase of 23 million barrels of oil equivalent from a year ago came from the addition of Algeria 433a&416b and MTJDA-B17 Projects. The proved reserves consist of 196 million barrels of crude oil & condensate and 4,844 billion standard cubic feet of natural gas.

February 12, 2008
For more information,
ple

PTTEP Signed Farm in Agreement for Blocks 17 and 18 in Bangladesh

07-Jan-2008

PTT Exploration and Production Public Company Limited or PTTEP has signed a farm in agreement with TOTAL E&P Bangladesh, a wholly owned subsidiary of TOTAL S.A. to become a partner in Blocks 17 and 18 in Bangladesh operated by TOTAL E&P Bangladesh, marking its first venture in petroleum exploration and production in South Asia.

The agreement will give PTTEP Bangladesh Limited, a wholly owned subsidiary of PTTEP, a 30% interest in these blocks upon receiving approval from the Government of the People’s Republic of Bangladesh and consent from the other partners who are Tullow Bangladesh Limited (32%), Okland Bangladesh Limited (4%) and Rexwood Offshore Holdings Limited (4%).

Blocks 17 and 18 cover an area of 13,724 square kilometers and are situated 150 kilometres away from Chittagong, the second largest province of the country. The area is considered as having high gas potential because it is only 40 kilometers south of Sangu, a gas field now in operation and 80-km north of Shwe gas field in Block A1 in Myanmar.

Mr. Maroot Mrigadat (???????? ??????), President of PTTEP said “Last year, we expanded our investment to 4 more countries namely Egypt, Bahrain, New Zealand, and Australia while in 2008 we entered into Bangladesh. It gives us a chance to work with many oil firms from all over the world. These new partnerships will give us new connections which will in the end help us to further expand our business to new frontiers.”

PTTEP Launched Arthit Central Processing Platform and Ushered in a New Era of Gas Production in the Gulf of Thailand

30-Nov-2007

PTT Exploration and Production Public Company Limited or PTTEP holds a sail-away ceremony for the Arthit Central Processing Platform, one of the biggest of its kind, on 30 November 2007 at McDermott yard in Batam, Indonesia. The platform will be the heart of the Arthit Project which will produce natural gas for Thailand.

Addressing the guests at the ceremony, H.E. Dr. Piyasvasti Amranand (??????????? ??????????), the Thai Minister of Energy said that gas production from Arthit will serve the demand in Thailand for at least 2 decades. While natural gas from Myanmar is already flowing into the country, in the foreseeable future he would like to see Thailand bringing in natural gas from Bangladesh, Malaysia and Indonesia. He encouraged PTTEP to secure more exploration and production rights particularly in neighbouring countries as there is a huge demand locally particularly in the power generating sector. He added that the Ministry of Energy is working with PTT and PTTEP to promote the use of compressed natural gas or CNG for the transport sector.

At 16,750 tons, it is one of the biggest central processing platforms in the Asia-Pacific Region. It employs the most modern equipment available and has been under the supervision of PTTEP engineers from the start. Built over a period of about 30 months, and had gone through many processes ranging from design, engineering, procurement, equipment and fabrication of the topside, PTTEP President Mr. Maroot Mrigadat (????? ??????) is proud that it is now ready to be brought to Thailand for installation at its place in the Navamindra Petroleum Area in the Gulf of Thailand.

Mr. Maroot said that the platform is highly automated and can be remotely operated which means PTTEP can operate it with fewer people while being able to increase operating reliability.

Once it started production in 2008, Arthit Project will be one of the three major gas fields that PTTEP developed in the southern part of the Gulf of Thailand. The other two projects are Bongkot where the newly developed Bongkot North and South extension will soon come on stream, and the Malaysia-Thailand Joint Development Area which is expected to start production in 2009. The three projects are expected to have a combined production of about 1.5 billion standard cubic feet of gas per day (BSCFD), up from 650 MMSCFD produced at Bongkot today.

Other facilities at the project including 90 production wells, the living quarter, 6 wellhead platforms, five gas pipelines and a condensate pipeline are now in place. Production is expected to start in February with initial production capacity of 330 MMCFD.

Arthit Project is situated in the Gulf of Thailand about 230 kilometres off the coast of Songkhla Province. The project is a joint venture of PTTEP, the operator with 80% interest, Chevron Thailand E&P with 16% interest and MOECO Thailand with 4% interest.

PTTEP Acquires 20% Interest in Australian Petroleum Block from Finder

27-Nov-2007

PTT Exploration and Production Public Company Limited or PTTEP has entered into a Joint Participation Agreement with Finder Exploration Pty Ltd. to acquire a 20 percent ownership interest in Block AC/P36 in Australia. With the addition of this new project, PTTEP now has 38 exploration and production projects in 13 countries.

Under the agreement with Finder Exploration, the partnership will comprise Murphy Australia Oil Pty Ltd., a subsidiary of Murphy Oil Corporation who will be the operator with 40% interest, Finder Exploration Pty Ltd. with 40% interest, and PTTEP Australia Offshore Pty Ltd., a subsidiary of PTTEP with 20% interest. The agreement is subject to approval by Australian authorities.

“We have a plan to drill 1 exploration well by the end of 2008 or the 1st quarter of 2009,” says Mr. Maroot Mrigadat (???????? ??????), President of PTTEP. “We are not only delighted to have a great opportunity for investment in Australia but also value the chance to work with the world’s leading companies such as Murphy and Finder who have experience in deep-water oil and gas exploration and production.”

The AC/P36 block covers an area of 4,000 sq.km. in the Browse Basin. It is located offshore in the northwestern part of Australia. The Browse Basin is a large sedimentary basin considered to have high petroleum potential. Many big oil and gas fields are situated in the basin.

Australia is a country with high petroleum potential. The current gas production from the western part of Australia is about 4,200 million cubic feet per day.

PTTEP revised Investment Plan and Cut Costs by 10%

13-Nov-2007

PTT Exploration and Production Public Company Limited or PTTEP revised its investment plan and cut costs by 10%. It is moving forward with the Arthit Project which is expected to come on stream in February 2008 and raise PTTEP’s production volume up from 180,000 barrel of oil equivalent per day to 241,000 barrel of oil equivalent per day.

PTTEP Revised Its Investment Plan for 2007 and Cut Costs by 10%

PTTEP, in its attempt to be in keeping with the changing situation, revised its investment plan for 2007 and the five years plan for 2007-2011 which it earlier made at the beginning of this year. A factor that necessitated the revision which was done in September included the appreciation of the baht from 38 baht per US dollar to 35 baht per US dollar. The revision also enabled the company to cut some of its costs and it managed to reduce its investment budget for 2007 by 10% from 74,512 million baht to 66,730 million baht.

The revised five years plan managed to cut cost by 4,000 million baht and brought down the investment budget from 285,000 million baht to 281,000 million baht. The five years plan, however, does not include the development costs for Blocks M9 in Myanmar and 433a and 416b in Algeria. PTTEP has already laid down a development plan for M9 which calls for an investment of at least US$ 1 billion.

PTTEP Plans to Move the Newly Built Arthit Processing Platform from the Construction site in Batam to the Gulf of Thailand Next Month

PTTEP is moving ahead with its plan to start the production of natural gas from Arthit Project in the Gulf of Thailand in February 2008. The 16,800 tons Arthit Processing Platform which is built at a plant in Batam, Indonesia, is the biggest and heaviest of its kind in Southeat Asia. The platform will be launched at the end of this month and will be transported to the Gulf of Thailand for installation.

PTTEP’s investment of US$ 1 billion so far at Arthit was for the construction and installation of the central processing plant, the living quarter, the flare tripod, 6 wellhead platforms, 5 gas pipelines, one condensate pipeline, and for the drilling of 90 production wells. Initial production is set at 330 million standard cubic feet per day which will help push PTTEP’s sales volume up to 241,000 barrels of oil equivalent per day in 2008.

PTTEP Obtained Exploration Rights in Bahrain

PTTEP last October won the rights for petroleum exploration in the off shore Exploration Block 2 in Bahrain in a round of bidding held by the National Oil and Gas Authority (NOGA). The right to the block which is situated in the northern part of Bahrain is another milestone for the company because it gives PTTEP an opportunity to expand cooperation and investment in the Middle East. It strengthened the bond of friendship between Thailand and Bahrain particularly in the field of energy. Exploration Block 2 has high petroleum potential.

Earlier in 2005, PTTEP signed a technical evaluation agreement with Bahrain Petroleum Company or BAPCO, the national petroleum company of Bahrain. The agreement encompassed technical evaluation of petroleum potential in the offshore exploration block, using existing seismic survey data. The result of the studies gave PTTEP enough confident to take part in the bidding round which it won.

Exploration Block 2 covers an area of 2,228 square kilometers. Initial studies showed that it has crude oil potential. PTTEP will be the operator and will hold 100% share. Exploration work will start after PTTEP signs the exploration and production sharing agreement (EPSA) with NOGA which is expected to take place in the near future.

Bongkot�s Production Period Extended for 10 Years

22-Oct-2007

The Cabinet has approved production period extension for Bongkot, the largest gas field in Thailand and operated by PTT Exploration and Production Plc. (PTTEP), for ten years.

Bongkot consists of 3 Blocks, B15, B16, and B17. After extension, PTTEP can produce gas and condensate from Block B15 until 2022 and from Blocks B16 and B17 until 2023.

The Cabinet gave the extension at its weekly session on October 16, 2007. The extension is expected to bring an income of more than 40,000 million baht to the Government in the form of royalty, tax, and remuneration, during the extended period.

PTTEP President, Mr. Maroot Mrigadat (????? ??????), said that the extension makes it possible for the company and its partners to make additional spending of more than 100,000 million baht in Greater Bongkot North (GBN) and Greater Bongkot South (GBS) which is high potential area but not being developed. The first phase of GBS development will start next year and continue until 2011.

The company plans to build a production platform, a living quarter platform, wellhead platforms and drill development wells at GBS with the aim to increase the production volume by 300 million standard cubic feet per day (MMSCFD). Meanwhile, at GBN, PTTEP will further conduct exploration/appraisal program and develop the discovered structures. More wellhead platforms and more development wells are needed for GBN.

At present, Bongkot Field produces approximately 600 MMSCFD of natural gas and 18,000 barrel per day of condensate (about 20% of national gas consumption in the country). GBS development will push Bongkot production capacity to approximately 900 MMSCFD.

Bongkot Field has been on production since 1993. The field is operated by PTTEP with 44.4445% interest. The remaining stakes are owned by Total E&P Thailand Company Limited (33.3333%) and BG Asia Pacific Pte. Limited (22.2222%).

PTTEP Starts Petroleum Surveys in the Northeast, Aspiring to Add to the Kingdom�s Petroleum Reserves

02-Oct-2007

PTT Exploration and Production Public Company Limited or PTTEP plans to begin seismic surveys in the recently acquired Blocks L21/48, L28/48 and L29/48 in the northeastern part of Thailand early next year. It includes 1,200 kilometers line of 2D seismic data acquisition in some parts of Udonthani, Khon Kaen, Nakhon Ratchasima, and Chaiyaphum Provinces.

The survey will begin after the Office of Natural Resources and Environmental Policy and Planning approves the Environmental Impact Assessment (EIA) which is expected in January 2008. It will continue until April.

The Northeastern Region has high petroleum potential. In addition to the already established Nam Phong and Sin Phu Horm fields, more oil and gas discoveries in the northeast will benefit the country by helping to reduce petroleum imports and adding to national energy security. If successful, the new blocks will serve long term energy demand in the area.

PTTEP President, Mr. Maroot Mrigadat (???????? ??????) said “Firstly, the seismic surveys will be made. If we find petroleum potential in the area, we will then drill exploration wells. You can be sure that we will conduct exploration and production activities in keeping with the highest safety, security, health and environment (SSHE) standards.”

PTTEP has a strong commitment to conducting exploration and production of petroleum without compromising its safety, health, and environment standards and to reducing any negative impact on the environment. Apart from ensuring that all processes meet its SSHE standards and all regulatory requirements, PTTEP also oversees the installation of safety equipment, payment of compensation and recovery plans.

Blocks L21/48, L28/48 and L29/48 cover an area of 12,000 sq.km. in Udon Thani, Nong Bualamphu, Khon Kaen, Maha Sarakham, Chaiyaphum, Buriram and Nakhon Ratchasima Provinces. PTTEP Siam Limited, a subsidiary of PTTEP, is the operator with 70% share. Its partner is Resourceful Petroleum (Thailand) Limited or RPL which has 30% share.

PTTEP�s Natural Gas Projects in Myanmar continues Exploration and Production as Normal

26-Sep-2007

PTTEP Exploration and Production Public Company Limited or PTTEP has closely monitored the situation in the Union of Myanmar and would like to report that the production of natural gas is now continuing at the normal rate. Yadana Project is producing about 650 million cubic feet of gas per day (MMSCFD) while Yetagun Project is producing about 430 MMSCFD. Exploration work at M9 Block is also progressing normally.

PTTEP maintains procedures to respond to different situations at all projects in countries where the company is the operator or partner including the Union of Myanmar, to ensure that PTTEP personnel work in a reasonably comfortable and safe environment.

PTTEP Signs Concession Agreements in Egypt and is Ready to Proceed with Exploration Plan

26-Sep-2007

PTT Exploration and Production Public Company Limited (PTTEP) and its joint venture partners have recently signed Concession Agreements for 2 exploration blocks with the Government of the Arab Republic of Egypt.

PTTEP President Mr. Maroot Mrigadat (????? ??????), said that Egyptian Minister of Petroleum, H.E. Sameh Fahmy, signed the petroleum Concession Agreements with PTTEP and its joint venture partners for Rommana Block and Sidi Abd El Rahman Offshore Block. These blocks were part of 12 blocks offered in the EGAS International 2006 Bid Round organized by the Egyptian Natural Gas Holding Company (“EGAS”).

The Rommana Block, which has good potential of natural gas and condensate, covers an area of 6,184 square kilometers. It is situated onshore in the Sinai Peninsular in the northeastern part of Egypt. PTTEP’s joint venture partners for this block are Sipetrol International S.A. as the operator with 40% interest and Centrica Resources Limited, a subsidiary of Centrica plc, with 30% interest. PTTEP holds the rest of 30% interest.

The Sidi Abd El Rahman Offshore Block which has crude oil potential, covers an area of 4,294 square kilometers. It is situated in the Mediterranean Sea, northwest of Egypt. Edison International SpA is the operator with 40% interest. PTTEP and Sipetrol International S.A. each holds 30% interest in this block.

Mr. Maroot said that PTTEP and its joint venture partners are ready to commence the exploration program on these 2 blocks. Next year, the 3D seismic survey will be carried out and the drilling of exploration wells will be followed in 2009.

These 2 projects are the first PTTEP’s investment in Egypt. They will expand the company’s presence in Africa in addition to PTTEP’s project in Algeria which already have oil discovery.

Mr. Maroot also noted that PTTEP is still seeking expansion opportunities in Egypt and Africa as a whole because it is the area with very high petroleum potential and near the European market which has strong demand for oil and gas. Besides, Egypt and Algeria which PTTEP has already invested together with strong partners; PTTEP is also seeking investment opportunity in other African countries, namely, Libya, Nigeria, and Angola.

PTTEP to start ARTHIT production in 2008

15-Sep-2007

Arthit Project had its inception in 1998 after the Government of Thailand and the Government of Vietnam reached an agreement on the demarcation of concession areas in the Gulf of Thailand. The project, now confirmed to be in the Navamindra Petroleum Area, started its life as a new natural gas resource for Thailand. After years of development, the project is ready to start production in 2008. It is a project that was developed by Thais.

Although the project was delayed by a few months in 2007, PTT Exploration and Production Public Company Limited or PTTEP has lately made satisfactory progress. As of September 2007, 6 wellhead platforms, 5 natural gas pipelines, one condensate pipeline, the jackets for the central processing platform and the living quarter building as well as the flare tripod have been installed.

Mr.Maroot Mrigadat, the PTTEP President said that the Arthit Project is a pride of the company because it was developed by Thai expertise and it shows that Thai people have the capability to develop and operate petroleum projects at international standard to serve the economic and energy demands of the Thais.
Arthit Central Processing Platform now under construction at Batam, Indonesia, is 90% complete. At 16,800 tons, it is the biggest and heaviest processing platform in Southeast Asia. Using the most modern technology available, the platform will be ready for installation in late 2007. Installation of the platform will also be something new for PTTEP as the company will employ a technique called float-over installation method which was designed to reduce cost and save time.

“It took almost 3 years to build the central processing platform. The construction has been under the supervision of Thai engineers from the start. In late 2007, it will be towed to the Gulf of Thailand to be installed. Arthit is the project that PTTEP has developed from the exploration stage to the operation stage.” said Mr. Maroot

PTTEP has drilled 78 production wells and found that the project has the expected amount and quality of natural gas. The company will drill 10 more wells before the end of the third quarter of this year under phase 1 of the development plan.
Arthit Project covers an area of 3,682 square kilometers. It is situated 230 kilometres off the coast of Songkhla Province in South Thailand. It is expected to produce 330 million cubic feet of natural gas per day when production starts in 2008.

The project is a joint venture of PTTEP, the operator, with 80% interest, Chevron Thailand E&P with 16% interest and MOECO Thailand with 4% interest.

PTTEP support the international conference on safety, security, health and environment in Thailand

10-Sep-2007

Six hundred professionals in safety, security, health and environment (SSHE) from leading oil and gas companies in 30 countries are participating in the 2007 SPE Asia Pacific Health, Safety, Security & Environment Conference and Exhibition (APHSSEC) held in Bangkok this week. One of their main aims is to promote regional progress in Health, Safety, Security and Environmental Management.

PTT Exploration and Production Public Company Limited or PTTEP is the main sponsor of the conference which takes place from 10-12 September 2007 at the InterContinental Bangkok Hotel.

The conference is a forum for producers, contractors, service company professionals, petroleum firms and authorities to discuss ways of working together for the improvement of the oil and gas industry.

Thai students and graduates from many institutions will have a chance to observe this international level SSHE conference and exhibition as the conference will allow their presence. The conference attempts to instill SSHE awareness in their minds as well.

“PTTEP adhere to the principles of SSHE awareness in our business management which is consistent with the conference’s objectives. We are proud to be part of its efforts to promote SSHE awareness in the petroleum industry.”, said Mr. Maroot Mrigadat, President of PTTEP.

PTTEP Projects Made Good Progress in Quarter 2

03-Aug-2007

PTT Exploration and Production Public Company Limited (PTTEP) made a profit of more than 7,158 million baht in the second quarter of this year. Although it represents a drop of 2% from the same quarter of last year due to the appreciation of the baht, it did not affect PTTEP’s progress, and the second quarter saw the company adding projects in New Zealand in its portfolio, making it the 11th country that the company has invested in. Meanwhile, M9 project in the Gulf of Martaban reported that its appraisal wells had encountered high flow rates which implied good potential for commercially viable production. The project will drill more exploration wells this year to affirm the results. Arthit Project is also progressing well with 90% of the construction work completed and it is expected to meet its production start-up schedule in February next year.

Second Quarter Results for 2007

Mr. Maroot Mrigadat (????? ??????), President of PTT Exploration and Production Public Company Limited (PTTEP) revealed that PTTEP and its subsidiaries’ net profit for the second quarter of 2007 was baht 7,158 million, a decrease of baht 119 million or 2% from baht 7,277 million posted during the same period of last year; the earnings per share was baht 2.18.

In this quarter, PTTEP and its subsidiaries had total revenue of baht 22,961 million, a decrease of baht 727 million or 3% from baht 23,688 million registered during the same period of last year. This was mainly due to the appreciation of the baht which was baht 34.82 to a dollar compared with baht 38.37 to the dollar during the same period of 2006. The result was the decrease in sales value despite the higher product price at US$ 38.17 per barrel of oil equivalent (BOE) compared with US$37.61 BOE during the same quarter of last year.

The sales volume was 179,180 barrels of oil equivalent per day (BOED) which was higher than the sales volume of 171,662 BOED in the same quarter of last year.
Mr. Maroot Mrigadat said that while the strong Thai baht had some impact on the financial statement, it has not actually affected the company much as most of the transactions are USD based.

As of June 30, 2007, PTTEP and its subsidiaries had total assets of baht 173,604 million, up baht 15,791 million or 10 % from the end of 2006. This increase was mainly due to the higher cash and cash equivalents as well as the rise in oil and gas properties, resulting from the investment in Arthit, MTJDA and Myanmar M7&M9 projects.

Appraisal wells at M9 showed good results

The company has completed the drilling of appraisal wells which started in May 2007 at M9, in the Gulf of Martaban, the Union of Myanmar. Natural gas was discovered in all 5 wells: Zawtika-3, Zawtika-4, Kakonna-2, Zawtika-5 and Zawtika-6. The project plans to drill 4 exploration and appraisal wells this year at another exploration area to affirm the natural gas potential at M9. This is expected to be completed by April 2008. Work is progressing on estimating the preliminary reserves in the existing structure where exploration has been completed. At the same time, development plan of M9 gas field is in progress with the aim to start-up gas production in 2011 or 2012 for domestic use and for securing the energy demand in Thailand.

Expansion to New Zealand

On July 11, 2007 PTTEP and its partners won the 6 exploration blocks in the Great South Basin offshore New Zealand, namely Blocks 5, 6, 11, 12, 13 and 14.
The partnership comprises OMV New Zealand Limited, the national oil and gas company of Austria who is the operator with 36% interest, PTTEP Offshore Investment Company Limited, a subsidiary of PTTEP with 36% interest, and Mitsui E&P Australia, an oil and gas company from Japan with 28% interest.

In the first three years, PTTEP and its partners planned to c

PTTEP Won 6 Exploration Blocks in New Zealand - Another Significant Achievement in Asia Pacific

11-Jul-2007

PTT Exploration and Production Public Company Limited or PTTEP and its partners have won 6 exploration blocks in offshore New Zealand; it was announced on July 11 this year.

The offshore blocks are in the Great South Basin, south of New Zealand ‘s South Island. They are part of the 40 blocks offered in the New Zealand Offshore Great South Basin Bidding Round 2006 organized by the Crown Minerals, Department of Economic Development of New Zealand.

The partnership comprises OMV New Zealand Limited who will be the operator, with 36% interest, PTTEP Offshore Investment Company Limited, a subsidiary of PTTEP with 36% interest, and Mitsui E&P Australia with 28% interest.

PTTEP President Mr. Maroot Mrigadat said that the company sees this success as a major step in its investment expansion in the Asia Pacific Region as it is the first time PTTEP invests in projects in New Zealand.

The bids that PTTEP and its partners won comprise of 3 packages of blocks. Package 1 comprises Block 11 and 12 covering an area of 18,000 square kilometers; package 2 comprise Block 13 covering an area of 9,000 square kilometers; and package 3 comprises Block 5, 6 and 14 covering a combined area of 27,000 square kilometers.

The Great South Basin is a large sedimentary basin with thick sediment, conducive to hydrocarbon generation. Past exploration activities in this area have been limited due to low oil price environment and its remoteness. The 6 blocks awarded to PTTEP and its partners are considered to have high petroleum potential as they are located in the area where hydrocarbon has been founded from past exploration wells.

Mr. Maroot said “We are not only delighted to have the opportunity to expand our investment in a high potential frontier but we are also pleased to have a chance to work with esteemed companies from Austria and Japan who have strong expertise in oil and gas exploration and production.”

New Zealand is a country with high petroleum potential which had not much been explored. Its proved and probable remaining reserves are 520 million barrels oil equivalent. The average 2006 oil & condensate production is approximately 23,000 barrels per day which will be increased to approximately 40,000 barrels per day in 2007, and its 2006 average gas production is about 420 million cubic feet per day.

PTTEP reports on Q1 results and projects progress

04-May-2007

PTT Exploration and Production Public Company Limited (PTTEP) made a profit of more than 6,700 million baht in the first quarter of this year. The company plans to install the state-of–the–art central processing plant, one of the biggest in Southeast Asia, at Arthit Project in the Gulf of Thailand late this year. M9 project in the Gulf of Martaban is also progressing well and is expected to come on stream in the next 4 years.

First Quarter Results for 2007

Mr. Maroot Mrigadat (????? ??????), President of PTT Exploration and Production Public Company Limited (PTTEP) revealed that PTTEP and its subsidiaries’ net profit for the first quarter of 2007 was baht 6,771 million, a decrease of baht 1,068 million or 14% from 7,839 baht posted during the same period of last year; the return on shareholder’s equity for this quarter was 30.32%.

In this quarter, PTTEP and its subsidiaries had total revenue of baht 21,270 million, a decrease of baht 1,423 million or 6% from baht 22,693 million registered during the same period of last year. This was due partly to the appreciation of the baht which was baht 36.15 to a dollar compared with baht 39.73 to the dollar during the same period of 2006. The result was the decrease in sales value despite the higher product price at US$ 35.43 per barrel of oil equivalent (BOE) compared with US$34.28 BOE during the same quarter of last year.

Another factor was the decrease in sales volume to 171,170 barrels of oil equivalent per day (BOED) compared with 171,508 BOED in the same quarter of last year. This was due to the drop in sales of natural gas from Yetagun, the delay of the Oman 44 Project, the drop in sales of crude oil from B8/32&9A Project and the drop in the condensate production at Bongkot Project. The drop was partly made up by the increased sales of natural gas from Yadana as well as sales of natural gas and condensate from Phu Horm Project.

Mr. Maroot Mrigadat believes that the production volume and sales volume will soon meet the target because the production of condensate at Bongkot is expected to return to normal soon and production at Nang Nuan where crude oil has recently been found at a new well would add to the production volume. At the same time, natural gas and crude oil from Oman 44 Project which has started production should help increase the production volume even more. The first batch of crude oil from Oman 44 Project is expected to arrive in Thailand in a tanker in June this year marking the first time that crude oil produced in the Middle East by a Thai company is used in Thailand.

As of March 31, 2007, PTTEP and its subsidiaries had total assets of baht 172,428 million, up baht 14,615 million or 9 % from the end of 2006.

81% Progress of Arthit Production Platform : the Biggest in Southeast Asia

Arthit Project Phase 1 is progressing well. The jackets for the central processing platform and the quarter platform are now in place and the installation of six wellhead platforms have been completed, along with 5 gas pipelines, one condensate pipeline and the flare tripod. Construction of the central processing platform which is now being done in Batam, Indonesia, is 81% complete. At 16,800 tons, the platform will be the heaviest and biggest in Southeast Asia. PTTEP plans to install it late this year using float installation method which will help save time and cost. It will be the first time that this method is used in the Gulf of Thailand.

M9 Development Plan Now in Progress

PTTEP has completed its drilling of exploration wells at M9 Block in the Gulf of Martaban in the Union of Myanmar. The drilling campaign was done from 2005 to 2007 and natural gas was found in 4 exploration wells: Zawtika-1A, Gawthaka-1, Kakonna-1 and Zawtika-2.

The company is drilling 4-5 appraisal wells<

Minutes of the 2007 General Shareholders� Meeting

11-Apr-2007

PTT Exploration and Production Public Company Limited (PTTEP) has already posted the Minutes of the 2007 General Shareholders’ Meeting held on 28 March 2007 on the Company's website at :

http:\\www.pttep.com\en\corporate\minutes.asp

Please be informed accordingly.
Corporate Secretary Office

PTTEP's Shareholders visit Sirikit Oil Field

03-Apr-2007

On 29 March 2007, at PTTEP Office Building , Mr. Poawpadet Vorabutr Regional Vice President Joint Venture and Thai Onshore Assets Division and Mr. Chalermkiat Tongtaow Vice President Greater S1 Assets has drawn 75 entitled participants from the applicant list to visit the Sirikit Oil Field at Kamphaeng Phet Province.

PTTEP has already posted the list of entitled participants and the picture of the drawing event on the Company's website at :

http://www.pttep.com/th/corporate/shm_visit.asp

PTTEP will contact all successful participants by telephone by 30 March 2007. If successful telephone contact cannot be made, the Company will select an alternative applicant from a waiting list as a substitute participant. Additionally, due to the change of the domestic airport from Suvarnabhumi to Don Mueang, all entitled participants shall meet at 5.00 a.m., the Don Mueang as in the latest program http://www.pttep.com/th/corporate/shm_visit.asp

Please be informed accordingly.

PTTEP Succeeded in Drilling the 4th Well at M9 in Myanmar

03-Apr-2007

PTT Exploration and Production Public Company Limited or PTTEP has found significant amounts of natural gas in Zawtika-2 at M9 in the Union of Myanmar. The company is preparing to drill 4-5 more appraisal wells to confirm the primary data of M9 Block petroleum reserves and to boost its development plan to come on stream in 2011 or 2012.

PTTEP President Mr. Maroot Mrigadat (????? ??????) stated that Zawtika-2 well located in the south of M9 Block in the Gulf of Mataban. Its drilling was successful and that natural gas was found with total flow rate of 109.5 million standard cubic feet per day (MMSCFD) on average, the highest rate of all wells drilled at M9.

Zawtika-2 exploration well started drilling on March 9, 2007. The company drilled to the depth of 3,500 metres and found 6 zones of natural gas bearing formations. Gas flow tests using tubing stem test (TST) technique were conducted in three zones and found a total flow rate of 109.5 million standard cubic feet of gas per day.

Since early 2007, PTTEP has found natural gas in 4 exploration wells at M9, i.e. Zawtika-1A, Gawthaka-1, Kaknonna-1, and the latest well, Zawtika-2. After this, the company will drill an additional 4-5 appraisal wells to confirm the petroleum reserves. At the same time, M9 development plan will be commenced with the aim to start production in 2011 or 2012 for domestic use and for export to Thailand.

M9 Block is in the Gulf of Mataban in the Union of Myanmar about 300 kilometres south of Yangon. PTTEP has held production sharing contract with the Government of Myanmar since 2003 and has 100% interest in M7 and M9 Blocks.

PTTEP Earns �Very Good� Corporate Governance Rating from TRIS

20-Dec-2006

PTTEP has earned its second “very good” corporate governance (CG) rating from TRIS. This year’s score is 8.31 points (10-point scale), up from the 8.14 points scored in 2004.

On December 15, 2006 Mr. Maroot Mrigadat (???????? ??????), President of PTT Exploration and Production Public Company Limited or PTTEP, reported PTTEP’s CG rating result evaluated by Thai Rating and Information Service Co., Ltd. or TRIS. This sound result reflects the firm’s drive and determination to continuously strengthen its CG at all levels.

“PTTEP is quite keen on constantly upgrading corporate governance. It is a vitally important element of our tactical business goals, and is critical to our steady and sustainable growth.” Mr. Maroot said.

TRIS commented that receiving a “very good” CG rating reflected PTTEP’s improvement in more rapid information disclosure as well as in greater investor convenience in accessing information because of the increased number of information channels. TRIS added that PTTEP has also conducted “very good” Shareholders’ Meetings by ensuring that all shareholders enjoy equal basic rights in fair voting procedures. Additionally, PTTEP Risk Management has been developed in a very systematic way throughout the company. Lastly, TRIS noted that the company’s the Board of Directors performed well in the past year, and demonstrated constant awareness of the importance of vigilance in corporate governance matters.

Apart from this “very good” CG rating received from TRIS, PTTEP also received “Best Performance Awards” for its “Resources” Group and “Distinction in Maintaining Excellence Corporate Governance Report”, which the Stock Exchange of Thailand or SET has awarded PTTEP for four consecutive years.

PTTEP Won 2 Exploration Blocks in Egypt - Another Significant Achievement in North Africa

06-Dec-2006

PTT Exploration and Production Public Company Limited (“PTTEP”) and its consortia’s partners have won 2 exploration blocks in Egypt out of 12 blocks offered in the EGAS International Bid Round 2006 organized by the Egyptian Natural Gas Holding Company (“EGAS”).

The President of PTTEP, Mr. Maroot Mrigadat, remarked that this success enables PTTEP to have the first investment in Egypt and it is another major step for PTTEP in expanding its investment in the North Africa region.

EGAS notified the consortia’s partners in late November that the consortia were accepted in principle as the winners of Block 2 and Block 8 in Egypt subject to completion of necessary procedures and competent authorities’ approvals. The Concession Agreement of each block will be signed after obtaining necessary approvals and the issuance of the Law of Concession Agreement by the Egyptian Government.

Block 2 (Rommana Block) covers an area of 6,184 square kilometers. It is situated onshore in Sinai in the northeastern part of Egypt. Sipetrol International S.A. as the operator, PTTEP, and Centrica Energy will hold the participation interests of 40%, 30% and 30%, respectively. The minimum work commitment includes 2-D & 3-D seismic surveys and exploration well drilling in the first 3 years.

Block 8 (Sidi Abd El Rahman Offshore Block) covers an area of 4,294 square kilometers. It is situated in the Mediterranean Sea, northwest of Egypt. Edison International SpA as the operator, PTTEP, and Sipetrol International S.A. will hold the participation interest of 40%, 30%, and 30%, respectively. The minimum work commitment includes 3-D seismic survey and exploration well drilling in the first 3 years.

“PTTEP is very delighted in winning the bids in Egypt. It is not only reinforcing our establishment in North Africa in addition to our investment in Algeria, but it also expanding our investment in the strategically focus country. PTTEP is also very pleased to have a chance to work with the esteemed companies from Chile, Italy, and the United Kingdom who have extensive experiences in Egypt and strong expertise in oil & gas exploration and production.”, said Mr. Maroot.

Egypt is a country with high petroleum potential. Its proved oil reserves are 3.7 billion barrels and proved natural gas reserves are 68 trillion cubic feet. The current production is approxmately 700,000 barrel per day of oil & condensate plus 5,900 million cubic feet per day of natural gas.

Phu Horm Gas Field comes on stream adding energy security to the northeastern part of Thailand

06-Dec-2006

Phu Horm Project where PTT Exploration and Production Public Company Limited or PTTEP holds 20% stake has started its gas production. The initial rate will be approximately 60 million cubic feet per day.

Mr. Maroot Mrigadat (???????? ??????), President of PTT Exploration and Production Public Company Limited or PTTEP sees Phu Horm as an important onshore project because it gives energy security to the northeastern part of Thailand and it helps cut import of costly petroleum.

Phu Horm Project is in Udon Thani and Khon Kaen Provinces. It is situated approximately 45 kilometers to the north of Nam Phong gas field covering an area of 231.6 square kilometers.

The equity holders in the project are Hess (Thailand) Limited as the Operator with 35%, Apico LLC with 35%, PTTEP with 20% and ExxonMobil Exploration and Production Khorat Inc. with 10%.

A Gas Sales Agreement with PTT Public Company Limited was signed in July 2005 to keep natural gas flowing over the next 15 years. Gas from Phu Horm is being supplied to the electricity generating plant at Nam Phong.

Project partners plan to increase the production rate to 100 million cubic feet per day in the future in response to the fuel demand for the production of electricity.

Phu Horm Project is in Udon Thani and Khon Kaen Provinces. It is situated approximately 45 kilometers to the north of Nam Phong gas field covering an area of 231.6 square kilometers.

The equity holders in the project are Hess (Thailand) Limited as the Operator with 35%, Apico LLC with 35%, PTTEP with 20% and ExxonMobil Exploration and Production Khorat Inc. with 10%.

A Gas Sales Agreement with PTT Public Company Limited was signed in July 2005 to keep natural gas flowing over the next 15 years. Gas from Phu Horm is being supplied to the electricity generating plant at Nam Phong.

Project partners plan to increase the production rate to 100 million cubic feet per day in the future in response to the fuel demand for the production of electricity.

PTTEP expands investment in Indonesia signing Farm-in/Farm-out Agreement for Block Bengara I

27-Nov-2006

PTT Exploration and Production Plc (PTTEP) signed a Farm-in/Farm-out Agreement for Block Bengara I with PT Medco E&P Bengara Company Limited (Medco) on November 24, 2006.

Under the agreement, PTTEP Bengara I Company Limited (PTTEPB), a subsidiary of PTTEP, will hold a 40% of interest, while PT Medco E&P Bengara retains 60% and is the Operator of this project.

The onshore Block Bengara I covers an area of approximately 2,311 square kilometers. The block is located in the eastern part of Kalimantan Island, Indonesia. Primary geological study for the Block indicates crude oil potential. The project partners plan to drill one exploration well this year.

PTTEP President, Mr. Maroot Mrigadat (???????? ??????) states that the Bengara I is the second exploration investment in Indonesia. He views the signing of the agreement as another significant step for the company, “PTTEP is pleased to collaborate once more with Medco and Indonesian government with whom PTTEP has always enjoyed good working relations with.” PTTEP has previously invested in the Merangin I Block in Indonesia since 2005.

PTTEP 3rd Quarter Operating Results and Future Plans

06-Nov-2006

Mr.Maroot Mrigadat (????? ??????), President of PTT Exploration and Production Public Company Limited (PTTEP) reported on the operating result for the 3rd Quarter of 2006, important events that arose during this period and future development plans as follows:

PTTEP 3rd Quarter Results
PTT Exploration and Production Public Company Limited or PTTEP for short had revenue of 23,896 million baht in the third quarter of 2006, an increase of 3,910 million baht or 20% from the same period of last year.
Mr. Maroot Mrigadat, President of PTTEP, attributed the increase to this year’s average sales price which rose to USD38.25 per barrel of oil equivalent (BOE) from last year’s price of USD 31.47 per BOE, coupled with an increase in sales volume to 168,830 barrels of oil equivalent per day (BOED), up from 160,678 BOED in the same quarter of last year. The increased sale mainly came from the crude oil sales from B8/32 & 9A project, natural gas sales from Bongkot and Yadana Projects and condensate sales from Pailin Project.
In the third quarter of 2006, PTTEP and its subsidiaries had a net profit of 6,813 million baht or 2.08 baht per share, down 370 million baht or 5% from a profit of 7,183 million baht last year. The return on shareholders’ equity was 33.29%.
PTTEP and its subsidiaries incurred expenses of 11,358 million baht, an increase of 3,887 million baht or 52% from the same period of last year. This was due to higher exploration expenses including the write-off of dry wells in Myanmar M7 & M9, Vietnam 16-1, L22/43 and G4/43 Projects, and the seismic cost from the Vietnam 16-1, Vietnam B&48/95, Algeria 433a & 416b and Indonesia Merangin-1 Projects.

PTTEP found more natural gas at Bongkot Project
In October 2006, PTTEP completed drilling Ton Chan-1X exploration well, the first exploration well drilled at Bongkot Project in 8 years, and encountered gas bearing sands with a total thickness of 143 meters in the stratigraphic trap. This will help increase the production and prolong the life of the Project. PTTEP plans to drill one more exploration well at Bongkot.
Bongkot Project now produces 600 million standard cubic feet of natural gas per day and 19,259 barrels of condensate per day. PTTEP is the operator and has 44.4445% equity in this project.

PTTEP is moving towards the new frontiers
PTTEP is now in the process of commissioning for the production of natural gas at Shams Field in Oman 44 Project. Production of 40 million standard cubic feet per day (MMSCFD) and 3,400 barrels per day of condensate is expected to start in November 2006, marking the first time that PTTEP sells natural gas to a Middle East country.
Also set to start in November is Phu Horm Project in the northeastern part of Thailand where PTTEP has 20% share. Natural gas will start flowing to PTT, the buyer, at the rate of 79 MMSCFD.
PTTEP still has high hope for M9 block in the Gulf of Mataban in Myanmar where oil has been found. PTTEP believes that the block has high potential and will continue to explore for petroleum there. There will be more exploration wells in Zatila structure to find large sized oil structure and more exploration wells at Zawtika structure where natural gas has been found. Exploration will be done in order to determine the true potential of the project and to find the method to develop it.
PTTEP is also looking for new petroleum sources to increase its reserve and to expand its investment. Last September, the company signed a memorandum of understanding with Petrobangla, the national oil company of Bangladesh, to open ways for joint investment in petroleum exploration and production in Bangladesh, Thailand, and other countries, with the initial focus on the Gulf of Bengal. The company is also looking for opportunities in South America and Australasia.

Proposal of the 2007 Annual General Shareholder's Meeting agenda and Names of Director Nominees in advance

29-Sep-2006
PTTEP No. 1.910/358/2006

September 29, 2006

President
The Stock Exchange of Thailand
62 Ratchadapisek Road, Klongtoey
Bangkok 10110

Dear Sir,

Subject: Proposal of the 2007 Annual General Shareholder's Meeting agenda and Names of Director Nominees in advance

PTT Exploration and Production Public Co., Ltd. (PTTEP) would like to inform that, according to the good corporate governance regarding the equitable treatment of shareholders, PTTEP would like to invite the shareholders to propose agenda of 2007 Annual General Shareholders’ Meeting and names of qualified candidates to be nominated for selection as PTTEP board of directors in compliance with the criteria as announced on the Company’s website http://www.pttep.com/en/corporate/index.asp from 29th September, 2006 to 30th December, 2006.

Yours sincerely,

Maroot Mrigadat

Maroot Mrigadat
President

Finance Dept.
Tel.0-2537-4512, 0-2537-4611

PTTEP 2nd Quarter Operating Results and Future Plans

04-Aug-2006
Mr.Maroot Mrigadat (????? ??????), President of PTT Exploration and Production Public Company Limited (PTTEP) reported on the operating result for the 2nd Quarter of 2006 and important events that arose during this period and additionally future development plans as follows:

PTTEP posted net profit of Baht 7,277 million
PTTEP and its subsidiaries in the 2nd Quarter of 2006 posted a net profit of Baht 7,277 million in comparison to the 2nd Quarter of 2005 when PTTEP had a net profit of Baht 5,480 million an increase of Baht 1,797 million or basic earnings per share of Baht 2.22, return on shareholders’ equity for the 2nd Quarter of 2006 was 36.30%.
PTTEP and its subsidiaries for this quarter had total revenues of Baht 23,688 million in the corresponding period in 2005 PTTEP and its subsidiaries had total revenues of Baht 14,796 million this represents an increase of Baht 8,892 million or 60%. This increase was mainly attributable to increased average petroleum sales price of USD 37.61 per barrel of oil equivalent (BOE) an increase on the same quarter of last year when the average petroleum sales price was USD 28.14 BOE. In addition there was an increase in sales volumes in this quarter to 171,662 barrels of oil equivalent per day (BOED) the same period last year this was 139,035 BOED. The increase in sales volume mainly derived from crude oil sales from the B8/32 & 9A Project, natural gas sales from the Bongkot, Pailin and Yadana projects and condensate sales from the Pailin Project.
As of June 30, 2006 PTTEP and its subsidiaries had total assets of Baht 146,271 million, or Baht 2,954 million higher than at the end of 2005. PTTEP and its subsidiaries had total liabilities of Baht 65,132 million lower than at the end of 2005 by Baht 6,488 million mainly resulting from decreased income tax payable of Baht 4,407 million.

PTTEP to pay interim dividend for Year 2006
The Board of Directors of PTTEP on July 28, 2006, passed a resolution for the payment of an interim dividend from petroleum income to the shareholders, for the half-year operations from January 1, 2006 to June 30, 2006. The dividend will be payable at the rate of Baht 1.71 per share. The date for closing of the Company’s share register for the right to receive the dividend will be August 18, 2006 at 12.00 p.m. The dividend payment date will be August 28, 2006.

PTTEP ready to deliver first natural gas from Oman and Phu Horm by end of year
PTTEP is speeding up the installation of production facilities and gas pipelines for the Shams field in Oman 44 Project. To commence sending natural gas and condensate from the Shams field to the Ministry of Oil and Gas, Sultanate of Oman in October 2006 at a rate of 40 million standard cubic feet per day (MMSCFD) and condensate at 3,400 barrels per day. This will be the first time that PTTEP has produced and delivered natural gas and condensate in the Middle East.
The Phu Horm Project in which PTTEP has a 20% stake, is in the process of construction of a Gas Processing Plant (GPP) and 63 kilometres of pipelines. Gas production and delivery to PTT is expected to commence at 79 million standard cubic feet per day (MMSCFD) by the end of 2006.

Further development of the Bongkot Project to maintain future production levels
PTTEP have plans to further develop the Bongkot Project as part of Bongkot Phase 4 to be ready to meet future domestic natural gas requirements and to continue meeting the gas sales obligation with PTT of 550 million standard cubic feet per day (MMSCFD). PTTEP at this time is in the initial stages of preparing a Basic Engineering plan. Production from Bongkot South is expected to commence in 2010. Presently natural gas from the Bongkot Project contributes 19% of the total domestic gas demand.

Developments in Myanma

PTTEP advances another leap in Oman, signing Exploration & Production Sharing Agreement for Block 58

29-Jun-2006
Mr. Maroot Mrigadat (???????? ??????) President of PTT Exploration and Production Plc (PTTEP) and Chairman of PTTEP Oman Company Limited (PTTEP OM) a subsidiary of PTTEP and Dr. Mohammed Bin Hamad Bin Saif Al Rumhy, Minister of Oil and Gas, Sultanate of Oman signed an Exploration & Production Sharing Agreement (EPSA) for Block 58 in the Sultanate of Oman. H.E. Mr. Viset Choopiban (???????? ???????), Minister of Energy witnessed the signing which took place June 28, 2006 in Muscat, the Sultanate of Oman.

Under the Exploration & Production Sharing Agreement for Block 58, PTTEP will invest approximately 38 million USD for two Exploration Phases in five years, encompassing geological and geophysical studies, seismic surveys and drilling. This new project will allow the company greater opportunity to maximize the value of PTTEP assets because expertise gained from being the operator of Block 44 will help to utilize resources more effectively, aiding in lowering overall investment costs, and ensuring that Block 58 development proceeds efficiently.

It was initially announced in April this year that PTTEP had been successful in bidding to obtain exploration and production rights for Block 58 in which PTTEP will hold 100% interest. Block 58 will be the second PTTEP project in Oman following on from the Oman 44 Project, for which PTTEP acquired the Exploration and Production rights in 2002 and scheduled to commence production mid 2006.

The onshore Block 58 covers an area of approximately 2,200 square kilometres. The block is located in south-west part of the Sultanate of Oman. Primary geological study for the Block indicates crude oil potential.

Mr. Maroot said “The signing of this Exploration and Production Sharing Agreement for Block 58 is another major advance in PTTEP’s investment in the Sultanate of Oman, further strengthening our commitment in Oman and if the exploration of Block 58 proves as successful as Block 44 it will boost petroleum reserves and go towards increasing the energy stability of the nation.”

Revised Good Corporate Governance of PTTEP

16-Jun-2006
PTTEP Board of Directors has approved the review and improvement of some principles in the “Good Corporate Governance of PTTEP” booklet (CG Booklet). The revised booklet will be divided into 2 parts: 1st part has been approved by the Board of Directors, which are principles, structure, methods and objectives of good corporate governance; whereas the 2nd part has been approved by the President in compliance with the Corporate Governance policy as approved by the directors, such as, employee code of conduct, and other ethics, etc. The contents of PTTEP CG booklets are now available for reference via

http://www.pttep.com/en/corporate/govenance.asp

At PTTEP, we commit and comply with all principles as stated in the Good Corporate Governance of PTTEP to create sustainable effectiveness, transparency and long-term value for all stakeholders.

PTTEP and Ministry of Defence sign agreement to study petroleum potential in northern Thailand

07-Jun-2006
Recently, Lt. Gen. Sucheep Kitwaree Director-General Defence Energy Department, Ministry of Defence and Mr Maroot Mrigadat, (???????? ??????) President of PTT Exploration and Production Public Company Limited or PTTEP signed a Memorandum Of Understanding to study geological and geophysics data in northern Thailand.

The study and evaluation of petroleum potential will be carried out in the Chiang Mai-Lamphun Basin area, which comes under the authority of the Ministry of Defence. This initial MOU agreement between the state agency and a private company is only the first stage of the agreement. If the study is successful in proving the petroleum potential of the area, PTTEP and the Defence Energy Department, will further discuss how to conduct exploration and production in the Chiang Mai-Lamphun Basin area to deliver maximum benefits and another step towards Thailand’s energy security.

PTTEP reports on Q1 results and future plans

03-May-2006
Mr Maroot Mrigadat (????? ??????) President of PTT Exploration and Production Public Company Limited (PTTEP) reported on the company’s performance for the first quarter of 2006 and significant issues affecting this period and PTTEP’s future plans.

First Quarter results for 2006

In the first quarter of 2006, PTTEP and its subsidiaries net profit was Baht 7,839 million or Baht 11.92 per share diluted an increase of Baht 3,585 million or 84% from the same period last year, when there was a net profit of Baht 4,254 million. Return on shareholders’ equity for the first quarter of 2006 was 38.88%
PTTEP and its subsidiaries had a total revenue of Baht 22,693 million an increase of Baht 9,165 million or 68% from the same period last year (Baht 13,528 million). This increase was mainly attributable to higher average sales price of USD 34.28 per barrel of oil equivalent (BOE) against the same quarter in 2005 of USD 25.42 BOE and increased sales volumes for this quarter to 171,508 barrels of oil equivalent per day (BOED) compared with last year of 142,685 BOED. The increase in sales mainly came from the crude oil from the B8/32 & 9A and S1 Projects, and natural gas and condensate from the Pailin and Bongkot Projects. PTTEP made an upfront payment under the Gas Sales agreement to PTT Public Co. Ltd. amounting Baht 331 million.
PTTEP and its subsidiaries incurred expenses in this quarter of Baht 9,240 million, an increase of Baht 3,528 million or 62% from the same period last year (Baht 5,712 million). The increase in expenses was the result of increased operating expenses, mainly due to the costs from the B8/32 & 9A Project and increased logistic costs for the Bongkot Project. Another factor was the rising exploration expenses, mainly a result of 3D seismic costs of the Myanmar M7 & M9 and Bongkot Projects.
PTTEP and its subsidiaries for this period had total liabilities of Baht 76,072 million which was an increase of Baht 4,452 million from the end of 2005. As of March 31, 2006 PTTEP and its subsidiaries had total assets of Baht 155,289 million or Baht 11,972 million higher than from the end of 2005.

PTTEP ready to deliver its first Oman natural gas in July 2006

PTTEP is preparing to start delivering natural gas and condensate from the Shams field in the Oman 44 Project to the Ministry of Oil and Gas, Sultanate of Oman as planned in July 2006 at a rate of 50 million standard cubic feet per day (MSCFD) and condensate at 4,000 barrels per day. This will be the first time that PTTEP has produced and delivered natural gas and condensate in the Middle East.
Recently PTTEP completed the drilling and testing of an appraisal well at Shams-7 where natural gas was discovered at a cumulative flow rate of approximately 45 MSCFD and condensate at approximately 1,600 barrels per day. Furthermore, in 2006 PTTEP plans to drill 1 exploration well and 3 development wells at the Oman 44 Project.

PTTEP wins exploration and production rights to Block 58 in Oman

PTTEP was successful in bidding to obtain the exploration and production rights of Block 58 in Oman with a 100% interest. The Exploration and Production Sharing Agreement (EPSA) will become effective after ratified by Royal Decree of Sultanate of Oman. It is expected that PTTEP will sign the ESPA by June 2006.
The onshore Block 58 covers an area of approximately 2,200 square kilometers. The block is located in the south-west part of the Sultanate of Oman. Primary geological study for the block indicates crude oil potential.
In addition PTTEP’s second project in Oman will allow the company greater opportunity to maximize the value of PTTEP assets and expertise through synergy. Presenting the opportunity for PTTEP to utilize its resources more effectively allowing the sharing of technical knowledge and personnel

PTTEP expands investment, a successful bid venture, wins exploration and production rights to block number 58 in Oman

12-Apr-2006
PTT Exploration and Production Plc (PTTEP) announced it was successful in the bidding to obtain exploration and production rights in The Sultanate of Oman. It is anticipated that PTTEP will sign an Exploration and Production Sharing Agreement (ESPA) by June 2006.
The onshore Block No. 58 covers an area of approximately 2,200 square kilometers. The block is located in south-west part of the Sultanate of Oman. Primary geological study for the Block indicates crude oil potential.
PTTEP President Maroot Mrigadat (???????? ??????) announced he was pleased with the results, which were announced, by the Ministry of Oil and Gas (MOG). “We are delighted to have won the bid” which will allow the company greater opportunity to maximize the value of PTTEP assets and expertise through synergy, “From a regional perspective, it will help utilize our resource more effectively.” with opportunities for PTTEP to share technical knowledge and personnel.
Block 58 will be the second PTTEP project in Oman following on from the Oman 44 Project, which PTTEP acquired the Exploration and Production right in 2002 and is scheduled to commence production mid 2006.
The award was made subsequent to the evaluation of offers made under the recent bidding round which was closed on 1 January 2006. The signing of the Exploration and Production Sharing Agreement (EPSA) for the blocks is expected by June 2006. The EPSA will become effective after being ratified by Royal Decree of Sultanate of Oman.

PTTEP makes new discovery in Vietnam

15-Mar-2006
Mr. Maroot Mrigadat, (???????? ??????) President of PTT Exploration and Production Public Company Limited or PTTEP reported on the successful completion of the drilling of the TGT-2X appraisal well on the Te Giac Trang ("TGT") structure on Block 16-1 offshore Vietnam. The results of this appraisal well, confirmed a petroleum discovery which flowed at an exceptional rate, with a maximum total flow rate of approximately 17,500 barrels of crude oil equivalent per day (BOED)
The successful completion of TGT-2X appraisal combined with the preceding TGT-1X discovery well which was completed in August 2005 and resulted in a petroleum discovery, with a maximum total flow rate of approximately 9,432 BOED is significant evidence of the high petroleum potential for Block 16-1. As a result, PTTEP will be fast tracking further exploration and the development of the project to begin commercial production by the end of 2007.
In 2006 there are further plans for Block 16-1 which will include 2 further exploration wells, 1 appraisal well and 3D Seismic survey to assess the crude oil reserves.
PTTEP Hoang-Long Company Limited, a subsidiary of PTTEP holds a 28.5% stake in Block 16-1 with the remainder held by Petrovietnam Exploration and Production Company 41% and SOCO Vietnam Ltd. 28.5% and OPECO Vietnam Ltd. 2%

Invitation to 2006 General Shareholders� Meeting

03-Mar-2006
PTT Exploration and Production Public Company Limited (PTTEP) would like to invite all shareholders to attend the 2006 General Shareholders Meeting on Wednesday April 5th, 2006 at 15.30 hours, in the Auditorium, 2nd Floor, PTT Head Office Building, 555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok.

PTTEP has already posted the meeting agendas and all related documents on the Company's website at : www.pttep.com\Corporate Governance\Corporate Governance\Shareholders Matters\Invitation to Shareholders Meeting

Please be informed accordingly.
Corporate Secretary Office

Proposal of AGM Agendas

10-Feb-2006
Proposal of 2006 AGM Agendas

PTTEP would like to invite all shareholders to propose any matter that they deem significant to be included as an agenda of the Annual General Shareholders’ Meeting to PTTEP. Apart from that shareholders are also invited to propose a name of a qualified candidate, according to rules and qualifications as PTTEP announced on the Company’s website, to be a nominee for selection as PTTEP board of directors. The proposal should be sent to PTTEP within February 15, 2006 so that PTTEP can propose to the Board of Directors’ meeting for consideration on February 17, 2006 and for further related processes.

Shareholders can send the proposal via these channels:

1) Website: www.pttep.com; under the subject Corporate Governance, Contact Independent Director or
2) Facsimile number 0-2537-4924 or
3) Mail to Corporate Secretary, PTT Exploration and Production Public Co., Ltd., PTTEP Office Building, 555, Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900.

Shareholders are requested to declare their names, last names, and telephone numbers in case of contact for further clarification is needed.

Corporate Secretary Office

Copyright 2007, PTT Exploration and Production

The Marine Heritage of Thailand: A realm of life in the blue world

30-Nov-2005

The Marine Heritage of Thailand is a collection of photos and text that provides a rare insight into the immense beauty and diversity of marine life on both coasts of Thailand as well as geographical information of the sea beds in the Gulf of Thailand and in the Andaman Sea. Casting a spotlight over the pristine beauty that remains preserved in Thailand’s National Marine Parks which total 21 separate areas and covers over 350,000 square kilometers of land and sea.

Although it might seem an unlikely source, the inspiration for the book came from the fundamental guiding principles of PTT Exploration and Production Public Company Limited (PTTEP). PTTEP President Mr. Maroot Mrigadat explained, “PTTEP always stresses the importance where ever it operates of giving careful consideration to the affects on the environment and the natural world in every stage of its work plans. Mr. Maroot Mrigadat said “The work of PTTEP is closely related to the environment and natural resources. We are aware of the need to protect the environment and we intend to work with public agencies concerned to conserve and improve national parks to be in the best condition possible.

The book is the result of the collaboration between PTTEP and various government agencies aimed at bolstering and widening the awareness and support amongst the youth and society in general for the preservation of conservation areas and natural parks on the land and the sea in Thailand, so that they might remain a pristine natural state. PTTEP collaborated with the National Park, Wildlife and Plant Conservation Department, Ministry of Natural Resource and Environment, Dr. Thon Thamrongnawasawat a renowned expert on marine biology and his team who supervised the production of The Marine Heritage of Thailand.

The Marine Heritage of Thailand lays the foundations of knowledge and understanding for the geographical and natural development of the seas in the Gulf of Thailand and the Andaman, highlighting the varied ecological environments and species that inhabit the coral reefs, mangrove, rocky and muddy beaches and the various unique habitats of the many islands around Thailand. At the books core are 3 issues, which should concern us all in our attempts to preserve the realm of the blue world, firstly the present state of the Thai seas taking into account recent natural phenomenon like the Tsunami and Hurricane Veronica. Secondly, the book focuses on the constant changes and transformations the sea undergoes caused by nature reinforcing our appreciation that nothing in the natural world is eternal, everything is constantly changing. Lastly, the book details the importance of the interdependent relationships between the sea and man, and the diligence that we need to ensure the preservation of the seas but also the livelihood of the local fishermen to ensure that this important legacy is not lost.

This book is the result of the collective efforts between many of the leading lights of Thai marine biologists and writers such as Dr. Thon Thamrongnawasawat. The team of expert underwater photographers Nat Sumanatemeya and Baramee Temboonkiat who helped to make this such a beautiful and striking book. Varawan Simarhot an expert on translating text related to the environment who provided the English text for the book. The design for the overall book was by Pajaree Buddhacharern and Duangdao Suwanarabgsi who served as executive editor.

Mr. Maroot added that PTTEP has distributed the book to the Ministry of Education so that it can be distributed to school libraries throughout Thailand to be used as an educational tool. Further to this PTTEP is in discussion with the Ministry of Foreign Affairs to distribute the book to Thai embassies throughout the world to further widen the appreciation of the natural beauty that there is in Thailand.

The Marine Heritage of Thailand is a 240 page hardback coffee tab

PTTEP announced net profits of 7,183 million Baht

03-Nov-2005
PTT Exploration and Production Company Limited (PTTEP) and its subsidiaries announced net profits of 7,183 million Baht for the third quarter of 2005, an increase of 3,072 million Baht or 75% compared with the same quarter in 2004.

PTTEP President Mr. Maroot Mrigadat revealed that PTTEP and it’s subsidiaries for the third quarter of 2005 had a total revenues of 19,987 million Baht, an increase of 7,230 million Baht or 57% from the 12,757 million Baht posted in the same quarter of 2004. The income rose partly because of the product prices, which averaged $31.47 per barrel of oil equivalent compared to $23.83 per barrel of oil equivalent in the same quarter of last year. Sales volumes also rose to 160,678 barrels of oil equivalent per day (BOED) compared to 135,456 BOED in the same quarter of 2004.

The growth in sales volumes for the third quarter was the result of increased production of natural gas and condensate from many projects including Bongkot, Pailin and Yetagun. Apart from this, Nang Nuan Project where production resumed early this year, B8/32 Project that PTTEP acquired from Pogo Thailand in September 2005, and S1 Project helped contributed to the increase in production volume of crude oil in this quarter.

PTTEP President Mr. Maroot Mrigadat said “PTTEP is well aware of its responsibility to the country. These results allow to accelerate its E&P investment abroad to ensure the country’s long-term energy security. Investment cost in this industry has risen over the years, but it would result in long-term benefits to the Thai people and the nation.”
Explaining about PTTEP’s investments and expansion both in Thailand and in foreign countries, Mr. Maroot said that in July 2005, PTTEP entered into a farm in/ farm out agreement in the Merangin 1 block in Sumatra, Indonesia which has high crude oil potential. PTTEP has a 39% investment in the project while PT Medco Merangin the operator of the project holds a 61% investment.

In Vietnam where PTTEP has an interest in the off shore Vietnam16-1 Project, the Company completed drilling of the fifth exploration well, TGT-1X. The final test resulted in a petroleum discovery, with a maximum total flow rate of approximately 9,432 barrels of crude oil equivalent per day, comprising approximately 8,566 barrels of crude oil per day (STB/D) and approximately 4.86 million cubic feet of natural gas per day (MMSCF/D).

In August 2005, the Cambodian government granted approval for the Production Sharing Contract (PSC) for the off shore Cambodia Block B project in which PTTEP International Limited (a subsidiary of PTTEP) holds 30%, Resourceful Petroleum Limited (RPL) holds 30%, SPC Cambodia Limited (SPC) 30%, and CE Cambodia B Limited (CEL) holds 10%.

In Myanmar PTTEP signed a Production Sharing Contract to become 100% holder and operator of the offshore M11 project. This was the fifth PTTEP project in Myanmar following on from Yadana, Yetagun, M7 & M9 and M3 & M4 projects. Petroleum products from these projects will help secure the country’s energy supply for years to come.

Another development is the Technical Evaluation Agreement with Bahrain Petroleum Company (BAPCO), the national petroleum company of Bahrain. Under the agreement, PTTEP and BAPCO will jointly conduct studies and evaluation of offshore Block 1 and Block 2. If successful, this could lead to an Exploration Production Sharing Agreement with BAPCO and the Bahrain Government in the future.

In the Sultanate of Oman, PTTEP entered into a Memorandum of Understanding with the Ministry of Energy of Oman to conduct feasibility studies to explore and develop petroleum in third countries with good petroleum potential.

Important developments closer to home relating to the Arthit Project in the Gulf of Thailand where there has been the successful installation of the first producti

PTTEP to Sell Shares in Thaioil Power

25-Oct-2005

PTT Exploration and Production Public Company Limited or PTTEP will sell its common shares in Thaioil Power Company Limited totaling 73,060,000 shares or 26% of Thaioil Power’s paid-up capital, to PTT Public Company Limited or PTT. The share sale was approved by the board of directors on October 21 and PTTEP will seek approval from the shareholders meeting in December 2005.

The shares, currently held by PTTEP International Limited, a subsidiary of PTTEP, will be sold at the price of about 31.48 Baht per share and PTTEP will receive a total consideration of Baht 2,300 million. PTTEP will make a book gain from sale of investment of approximately Baht 650 million.

Thaioil Power is an electricity generating company which operates a Combined-Cycle Co-generation Power Plant with electricity generating capacity of 118 megawatt (MW) and steam production capacity of 168 tons/hr. It earns 25% of its income from sale of electricity to EGAT Public Company Limited and 75% from sale of electricity and steam to Thai Oil Public Company Limited and its affiliates. Thaioil Power also holds 56% equity in Independent Power (Thailand) Company Limited which operates a 700 MW gas-fired Combined-Cycle Power Plant. All electricity generated is sold to EGAT.

PTTEP President Mr Maroot Mrigadat said “PTTEP sells shares in Thaioil Power because we want to focus on our core business in exploration and production of petroleum, however, in the future PTTEP might consider investing in electricity generating business in foreign countries if there is a need to create a gas market for the natural gas fields that PTTEP already has ownership.

For more information,
Please contact Sidhichai Jayant/ Panlop Limsakul/Jakra Srinagananad
External Relations Department Tel. +66 (02) 537 40000

PTTEP Quarter 2 Operation Result and Future Plans

02-Aug-2005
Mr.Maroot Mrigadat (????? ??????), PTT Exploration and Production Public Company Limited or PTTEP today revealed the company’s operating result for Quarter 2 of the year 2005 as follows:

PTTEP Posted Net Profit of 5,480 Million Baht

PTTEP and its subsidiaries posted a net profit of 5,480 million baht or 8.37 baht per share-diluted, compared with a net profit of 3,277 million baht or 5.02 baht per share-diluted in the second quarter of last year.
Total revenue rose to 14,796 million baht from 11,609 million baht in the same quarter of last year, an increase of 3,187 million baht or 27%, partly because of product price which climbed to US$ 28.14 per barrel of oil equivalent (BOE) from US$ 22.86 per BOE during the same period of 2004. Another factor was the increase of sales volume to 139,035 barrels of oil equivalent per day (BOED) from 133,101 BOED during the same quarter of last year. Contributing to the volume increase were natural gas and condensate from Yetagun and Pailin projects as well as crude oil from S1 and Unocal III Projects.

PTTEP to Increase Petroleum Sales to meet Increasing Energy Demand

In July 2005, PTTEP and Mitsui Oil Exploration Co., Ltd. signed an agreement with a group of sellers consisting of Pogo Overseas Production B.V. and Pogo Producing Company to jointly acquire all the shares of Pogo group in Thailand. PTTEP Offshore Investment Company Limited or PTTEPO, a subsidiary of PTTEP will take a 25% stake in petroleum concession Blocks B8/32 and 9A in the Gulf of Thailand. The rest of the equity will be held by Chevron, the operator, 51.66%, Mitsui Oil Exploration Co., Ltd. 16.71%, and Palang Sophon Two Company 6.63%.
While Block 9A has no production at present, Block B8/32 will generate immediate revenue stream from petroleum sales and will increase petroleum proved reserves by 52 million barrels of oil equivalent (MMBOE). Production of crude oil from this block, coupled with the crude oil from Nang Nuan Project which started production last May, and the increased gas production from Bongkot Project, will result in an increase of PTTEP’s petroleum sales from 144,000 BOED to 150,000 BOED.
Another development of note on the home front was the signing of Gas Sales Agreement to sell natural gas from Phu Horm Field in the northeast to PTT Public Company Limited at 80 million standard cubic feet per day in 2006. The gas will fuel Nam Phong Power Plant providing sufficient electricity in the North East region. PTTEP holds 20% equity in this project.

Expansion of Ventures in Cambodia, Indonesia, and Myanmar

PTTEP continues to expand its business in new frontiers in Southeast Asia. A farm out Agreement for 40% equity in Block B, offshore Cambodia, which PTTEP International Limited, a subsidiary of PTTEP, signed with Resourceful Petroleum Limited (RPL) last April, marked not only the first time that PTTEP started a new project in this neighboring country, but also the first time that it will become an operator there. In July, PTTEP signed a contract with PT Medco E&P Merangin to return to Indonesia as a partner with 39% equity in Block Merangin I, south of Sumatra, where there is potential for crude oil. In Myanmar, PTTEP in July signed a production sharing contract to become 100% holder and operator of offshore Block M11.

Investment in Other Regions

In keeping with the policy of the Ministry of Energy, PTTEP continues to seek opportunity to invest in Southeast Asia and other regions. In Indonesia, PTTEP is looking forward to investing in other petroleum projects apart from Merangin I. In addition, PTTEP aims to continue its investment opportunities in petroleum exploration, development and production activities in the Middle East and North Africa. Meanwhile, PTTEP recently entered a Technical Evaluation Agreement with Bahrain Petroleum Company or BAPCO, the national oi

PTTEP, Responding to Domestic Energy Demand,

04-Jul-2005
PTT Exploration and Production Public Company Limited or PTTEP has successfully tested the oil production from Nang Nuan Project at the rate of 3,000 - 4,500 barrels per day since May this year.

PTTEP President Mr.Maroot Mrigadat said “PTTEP is contented that it could respond to Thailand’s rising demand for energy. PTTEP hopes to produce as much as 5,000 barrels per day by the end of this year”, he said.

Nang Nuan Project is situated in the Gulf of Thailand off the coast of Chumporn Province, covering an area of about 1,306 square kilometers. The project had earlier been operated by Thai Shell Exploration and Production Co. Ltd, but production ceased in 1997 due to technical problems. PTTEP became the sole owner and operator in early 2004 after it had bought exploration and production assets from Thai Shell and resumed production last May. PTTEP has so far produced 90,000 barrels of crude oil from this project.

PTTEP Inks Stock Purchase Agreement to Acquire Pogo�s Assets in Thailand

20-Jun-2005
On June 17, 2005 PTTEP Offshore Investment Company Limited or PTTEPO and Mitsui Oil Exploration Company Limited (MOECO) have entered into a Stock Purchase Agreement with Pogo Overseas Production B.V. and Pogo Producing Company Limited (Pogo Group) to buy all the shares held by the Pogo Group in Thaipo Limited and B8/32 Partners Limited. The Pogo Group through its subsidiaries holds 46.34% interests in Blocks B8/32 and 9A in the Gulf of Thailand. The purchase will come into effect conditional upon the waiver of pre-emptive rights by the existing joint venture partners of these Blocks under the Joint Operating Agreement. Such decisions are expected by mid July.

The transaction is valued at US$ 820 million. PTTEPO will hold approximately 60% interests worth about US$ 490 million and MOECO will hold the remaining approximately 40% interests.

“This opportunity offers excellent value to PTTEP both strategically and economically” said PTTEP President Mr.Maroot Mrigadat “This represents an excellent opportunity to acquire material interests in substantial, high quality E&P assets with a well regarded operator. These Blocks are situated here in Thailand, and have high potential and very low risk. The Block B8/32 is already producing both liquids and gas, the latter being secured under long-term sales agreements and PTTEP will benefit from these revenue streams immediately. This transaction will increase PTTEP’s production by as much as 18% or 27,000 barrels of oil equivalent per day and this is expected to increase further in 2006. Its geographical proximity to PTTEP-held blocks such as G4/43 and Unocal III offers a great opportunity for PTTEP to benefit from operational synergies.”

Mr.Maroot Mrigadat went on to say “We are delighted to be in partnership with MOECO on this transaction and look forward to working with them and the existing remaining participants in these blocks in the future”.

Block B8/32, operated by Chevron Offshore (Thailand) Limited, is located in the Gulf of Thailand off Chumporn coast, covering an area of 2,460 square kilometers, encompassing such fields as Benchamas, Maliwan, Tantawan, Jarmjuree and Chaba. The block currently produces around 98,800 barrel of oil equivalent per day, consisting of approximately 59,200 barrels per day of crude oil, and approximately 240 million standard cubic feet per day of natural gas.

Block 9A is also operated by Chevron Offshore (Thailand) Limited and located off the coast of Chumporn, in the Gulf of Thailand. It covers an area of about 81 square kilometers. This block is now being appraised.

PTTEP Signs Technical Evaluation Agreement with Bahrain

27-May-2005

PTT Exploration and Production Public Company Limited (PTTEP) will sign the Technical Evaluation Agreement to jointly carry out technical studies and evaluation for hydrocarbon potential in Block 1 & 2 offshore the Kingdom of Bahrain. Both blocks are situated offshore in the North-West of Bahrain and cover a total area of 5,117 square kilometers. The 1-year geological and geophysical work program will cover extensive petroleum systems assessment, seismic reprocessing test and detailed interpretation.
On May 27, 2005, Mr. Maroot Mrigadat, PTTEP President (????? ??????) will sign the agreement with H.H. Sheikh Salman Bin Khalifa Al Khalifa, Vice Chairman of the Bahrain Petroleum Company (BAPCO), the national oil company of Bahrain, witnessed by H.E. Mr. Viset Choopiban, Minister of Energy. The signing, being held in Bangkok, is a major step to strengthen PTTEP’s presence and expanding its exploration and development ventures in Bahrain and the Arabian Gulf which enriched with high petroleum potential.
PTTEP President Mr. Maroot Mrigadat said “The Kingdom of Bahrain and the Kingdom of Thailand already have a longstanding relationship. This cooperation marks another milestone in the building of strong bilateral relationship particularly in the energy sector between the two nations. PTTEP is very pleased to be able to jointly study and evaluate the hydrocarbon potential of the blocks with BAPCO. Should the study be successful and lead to an Exploration Production Sharing Agreement (EPSA), we will discuss with BAPCO and the Government of the Kingdom of Bahrain for further work program in great details.”

May 27, 2005
For more information, please contact
Sidhichai Jayant/Tongchit Wattanametee
External Relations Department
Tel. +66 (02) 537 4592, 537 4587

PTTEP�s Net Profit Records 4,254 Million Baht for the First Quarter

27-Apr-2005
PTT Exploration and Production Public Company Limited (PTTEP) and its subsidiaries announced unreviewed financial results for the first quarter ended March 31, 2005.

Mr. Maroot Mrigadat (????? ??????), PTTEP President disclosed that PTTEP and its subsidiaries had a net profit of 4,254 million baht. This was an increase of 876 million baht or 6.50 baht per share-diluted or 26% from 3,378 million baht or 5.17 baht per share-diluted in the same quarter of last year.

The total revenues went up to 13,528 million baht from 10,658 million baht in the same quarter of last year, an increase of 27% or 2,870 million baht.
Attributing to the higher income was the sales volume which went up to 142,685 barrels of oil equivalent per day (BOED) or 10%, mainly from natural gas and condensate of Bongkot, Pailin and Yetagun projects, compared with 129,187 BOED from the same quarter of last year. Another factor was the average sales price which was 25.42 USD/BOE compared to 21.76 USD/BOE in the same period last year.

The total expenses of PTTEP and its subsidiaries rose by 922 million baht to 5,712 million baht from the 4,790 million baht incurred in same quarter of last year partly because of the higher petroleum royalties and costs of seismic surveys which raised exploration expenses.

As of March 31, 2005, PTTEP and its subsidiaries had total assets amounting to 118,505 million baht, an increase of 6,560 million baht from the end of last year. The total liabilities stood at 57,192 million baht, an increase of 2,346 million baht from the end of 2004 due to higher income taxes.

April 27, 2005
For more information, please contact
Sidhichai Jayant/Tongchit Wattanametee
External Relations Department
Tel. +66 (02) 537 4592, 537 4587

Petroleum Discoveries, Oman 44 Project

22-Apr-2005
Reference is made to Oman 44 Project in Oman, in which PTTEP Middle East Company Limited (PTTEP ME), a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), is the Operator with 100% participation interest.

PTTEP wishes to announce the success of the exploration drilling results of Shams-3, and Munhamir-1 wells as follows:

1. Shams-3 Exploration Well is located in the northern part of the Block 44 in the potential area of gas bearing structure. With an objective of finding natural gas and condensate reserves, the well was drilled to total depth of 3,400 meters, and resulted in natural gas and condensate discoveries in a reservoir formation with a total thickness of approximately 14 meters. The testing showed a natural gas flow rate of approximately 17 million standard cubic feet per day, and condensate of approximately 2,170 barrels per day.

2. Munhamir-1 Exploration Well is located in the southern part of the Block 44 in the potential area of oil bearing structure. With an objective of finding crude oil reserve, the well was drilled to total depth of 2,845 meters, and resulted in a crude oil discovery in a reservoir formation with a total thickness of approximately 17 meters. The testing showed a crude oil flow rate of approximately 2,367 barrels per day, and natural gas of approximately 0.9 million standard cubic feet per day.

With the result of Shams-3 exploration drilling, natural gas and condensate discoveries will add values to the Shams Gas project of PTTEP. In addition, the Company plans to study and evaluate the Munhamir-1 exploration well in greater detail in order to confirm the petroleum reserves for further development and production.

Resolutions of the 2005 General Shareholders� Meeting

07-Apr-2005
PTT Exploration and Production Public Company Limited (PTTEP) would like to report the resolutions of the 2005 General Shareholders’ Meeting held on April 5, 2005 at 15.30 hrs. in the Auditorium, 2nd Floor, PTT Plc. Head Office Building, 555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok. The details are as follows:

Agenda Item 1 To approve the Minutes of the 2004 General Shareholders’ Meeting.

Resolution: The Meeting participants, by majority vote, approved the Minutes.

Agenda Item 2 To acknowledge the Company’s performance in 2004 and to approve the 2004 financial statements.

Resolution: The Meeting participants, by majority vote, acknowledged the Company’s performance in 2004 and approved the 2004 financial statements.

Agenda Item 3 To approve the 2004 dividend payment of Baht 9 per share to shareholders.

Resolution: The Meeting participants, by majority vote, approved the dividend payment of Baht 9 per share, which will be paid on April 19, 2005.

Agenda Item 4 To approve the appointment of new directors in replacement of those who are due to retire by rotation, as follows:

1. Mr. Prasit Koovilaikool
Independent Director, Chairman of the Remuneration Committee, and Member of the Audit Committee
2. Mr. Cherdpong Siriwit
Director
3. Mr. Vudhibhandhu Vichairatana
Independent Director, and Chairman of the Corporate Governance Committee
4. Mr. Chitrapongse Kwangsukstith
Director
5. Mr. Prasert Bunsumpun
Director, Member of the Remuneration Committee, and the Nominating Committee

Resolution: The Meeting participants, by majority vote, re-elected 5 directors who are due to retire by rotation, as follows:

1. Mr. Prasit Koovilaikool
2. Mr. Cherdpong Siriwit
3. Mr. Vudhibhandhu Vichairatana
4. Mr. Chitrapongse Kwangsukstith
5. Mr. Prasert Bunsumpun

Agenda Item 5 To set the directors’ remuneration for 2005 onwards as follows:

1. Maintain the retainer fee at Baht 25,000/person/month.
2. Maintain the meeting fee at Baht 25,000/person/meeting.
3. Adjust the bonus for all directors within the performance year at the amount limited to Baht 17-25 million/year from the previous amount of Baht 17 million/year. In addition, if company performance during the year exceeds a profit of more than Baht 10,000 million, directors will receive an extra bonus of 0.08 percent from any profit more than Baht 10,000 million, with the total limited to Baht 25 million. The amount is to be adjusted according to the directors’ attendance at meetings and will be paid when the Board of Directors has given approval to the fiscal year financial statements.
4. Maintain the current remuneration of the Sub-Committees for 2005 onwards for all members of the Standing Sub-Committee who will receive Baht 25,000/person/meeting. However, this excludes the members of the Sub-Committees who are PTTEP executives and will not apply to circulating resolutions.
5. The Chairman of the Board and Sub-Committees is to receive an extra 25 percent, as is the usual practice.

Resolution: The Meeting participants, by more than two-thirds of the total number of votes cast by the shareholders present and entitled to vote, approved the directors’ remuneration for the year 2005 onwards.

Agenda Item 6 To appoint the auditor and to set the auditor’s fee.

Resolution: The Meeting participants, by majority vote, approved the appointment of the Office of the Auditor General of Thailand, to be the auditor for the year 2005, and set the fee for the year 2005 at the same rate of last year, in the amount of Baht 900,000.

Agenda Item 7 To consider director protection against liability claims as detailed and limited below:

1. Directors must discharge their fidu

PTTEP Participation in Petroleum Block B, Cambodia

04-Apr-2005
PTT Exploration and Production Public Company Limited (PTTEP) wishes to announce that on April 4, 2005, PTTEP International Limited (PTTEPI), a subsidiary of PTTEP, will sign a Farm-out Agreement for Block B, offshore Cambodia, with Resourceful Petroleum Limited (RPL). PTTEPI will be the Operator with a 40% participation interest and RPL will hold a 60% participation interest.

Block B covers an area of approximately 6,551 square kilometers. The block is located about 250 kilometers off the coast of Cambodia, to the east of the Thai-Cambodian Overlapping Claims Area. A primary geological study indicates natural gas and crude oil potential. The Company plans to conduct a seismic survey and drill an exploration well in the first three years of the exploration period.

Participation will be valid after obtaining approval on the Production Sharing Contract from the Cambodian government.

April 4, 2005

PTTEP Will Publish a New Book to Promote Conservation of Marine Life

28-Feb-2005

PTT Exploration and Production Public Company Limited or PTTEP is cooperating with the National Park, Wildlife and Plant Conservation Department, Ministry of Natural Resource and Environment, to publish a book on life under the sea to be released in the middle of this year.

PTTEP is working with a team of well known academics and writers including Dr. Thon Thamrongnawasawat, Nut Sumontaemee and Baramee Temboonkiet.

The book, called Moradok Tala Thai will present a rare insight into marine life on both coasts of Thailand as well as geographical information of the sea beds in the Gulf of Thailand and in the Andaman Sea. Also touched by this book are stories about mangrove, rocky and muddy beaches, corals, life in the sea weed areas, and 21 aquatic national parks which cover 350,000 square kilometers of land and sea.

The book serves the policy of PTTEP which takes into consideration the conservation of natural resources and the environment in its work plans. PTTEP President Mr. Maroot Mrigadat said “The work of PTTEP is closely related to the environment and natural resources. We are aware of the need to protect the environment and we intend to work with public agencies concerned to conserve and improve national parks to be in the best condition possible.

This is not the first time that PTTEP is producing a book on natural resource and the environment. In 2002, the company published a book Andaman Style promoting the identity, artifacts and antiques as well as the life of the people who live along the Andaman coast line. In 2003, PTTEP published a book Thai Forest Heritage presenting the conditions of the remaining forests in the five regions of Thailand.

PTTEP Inks Heads of Agreement

28-Feb-2005
PTT Exploration and Production Public Company Limited (PTTEP) today signed Heads of Agreement for Gas Sales of Shams Gas Field in Block 44 with the Government of Sultanate of Oman.

The signing ceremony was held this morning at Government House in Bangkok and was witnessed by Prime Minister Thaksin Shinawatra and Minister of Energy Mr. Prommin Lertsuridej.

The Heads of Agreement was signed by Mr.Maroot Mrigadat, President of PTTEP and Dr. Mohammed Hamed Saif Al-Rumhy, Minister of Oil and Gas, Sultanate of Oman. Under the agreement, PTTEP Middle East Company Limited (PTTEP ME), a subsidiary of PTTEP, will sell natural gas to the Ministry of Oil and Gas, Sultanate of Oman, at the volume of 50 million standard cubic feet per day, starting by the fourth quarter of 2005. The Heads of Agreement also covers principal conditions of the Gas Sales Agreement which will be signed in the next few weeks, including sales volume, gas quality, time of delivery and gas prices.

PTTEP President Mr. Maroot Mrigadat said “The development of Shams Gas Field in Block 44 is a significant step forward for PTTEP as a prudent operator in a foreign country. Block 44 has a very good hydrocarbon potential; PTTEP is currently drilling an exploration well in the southern part of Block 44 targeting for oil. Gas and oil found in Oman will give PTTEP another channel to bring to Thailand more foreign exchange.”

The Shams Gas Field has indicated its potential since 1978. After PTTEP ME acquired the rights to become an operator of Block 44 on July 21, 2002, the re-testing was conducted at the Shams Gas Field to confirm its reserves for production. Good production tests as well as the policy of Thai’s Ministry of Energy to support the exploration and production activities of PTTEP overseas and the policy of the Government of Sultanate of Oman which requires natural gas to meet its rising gas demand, encourages PTTEP to develop this field.

The Shams Gas Field is located in a high potential area. The field not only delivers natural gas, but also approximately 3,000 barrels of condensate per day. PTTEP plans to invest approximately US$ 50 million to develop Shams Gas Field in 2005 and will drill two more development wells for gas and condensate production which is expected to come on stream later this year.

February 28, 2005

PTTEP Completed Sales of Shares in New Links to Encore, Following Change of Investment Strategy

18-Feb-2005

PTTEP Completed Sales of Shares in New Links to Encore
Following Change of Investment Strategy

PTT Exploration and Production Public Company Limited (PTTEP), through its subsidiary, PTTEP Offshore Investment Company Limited (PTTEPO), has sold its 40% equity in New Links Energy Resources Limited (New Links) to Encore Int’l Limited (Encore) with a total cash received of US$ 236.5 million. The share purchase agreement had been signed on 29 January 2005 and the transaction was completed on 17 February 2005. New Links holds 85.5% equity in PT Medco Energi Internasional Tbk. (Medco). Accordingly, the shares sold by PTTEPO constituted 34.20% indirect equity in Medco.

With CSFB Singapore as the sellers’ financial advisor, the share sale was conducted jointly through a competitive bidding process with Cumin Limited (CSFB) who held another 19.9% interest in New Links. Subsequently, Encore, as an existing shareholder, exercised its pre-emptive right over all of PTTEPO’s and Cumin’s shares. As a result, Encore is now the sole owner of New Links.

PTTEP became a 34.18% shareholder of Medco through its acquisition of New Links shares in December 2001. An additional 0.02% interest was acquired in April of the following year by tender offer. The total acquisition costs were US$ 226.37 million. The strategy then was to establish its presence in an active and prolific petroleum exploration and production business in Indonesia through a leading exploration and production company in the country.

Throughout its 3-year participation in Medco, PTTEP has received a total of US$ 33 million in dividends. The company has gained knowledge and experience of the local environments and how the business is conducted in the country. Moreover, along the course of working together, both companies have mutually transferred expertise and built a strong partnership. Such has strengthened PTTEP’s future investment in Indonesia.

The current share sale is driven by the change of PTTEP’s investment strategy. Said Mr. Maroot Mrigadat (????? ??????), President of PTTEP, “we are now focusing on direct investment in E&P at the asset level instead of through holding companies”. While PTTEP focuses its intension on the upstream petroleum business, Medco has gradually become an integrated energy company by expanding its investment into related energy business such as power generation. Indonesia’s electricity demand has been recognized for its high growth potential. According to Mr. Maroot, “despite our divestment from Medco, we will maintain our good partnership and close cooperation and both companies will jointly seek E&P investment opportunities in Indonesia”.

PTTEP will use the proceeds from the sales to re-invest in the E&P opportunities domestically as well as internationally, including Indonesia, Middle East and Africa to fuel its future growth.

February 18, 2005
For more information, please contact
Sidhichai Jayant/Tongchit Wattanametee
External Relations Department
Tel. +66 (02) 537 4000

PTTEP�s Net Profit Reaches 4,111 Million Baht in Third Quarter

01-Nov-2004
PTT Exploration and Production Public Company Limited (PTTEP) and its subsidiaries announced the financial results for the quarter ended September 30, 2004.

PTTEP and its subsidiaries had a net profit of 4,111 million baht in the third quarter of 2004. This was an increase of 220 million baht from 3,891 million baht in the same quarter of last year.

The total revenues went up to 12,757 million baht from 9,923 million baht in the same quarter of last year, an increase of 29% or 2,834 million baht.

Attributing to the higher income was the sales volume which went up to 135,456 barrels of oil equivalent per day (BOED) compared with 112,016 BOED from the same quarter of last year. Another factor was the product price which was US$ 23.83 a barrel compared with US$ 20.55 in the same quarter of 2003.

Crude from S1 project, natural gas and condensate from Bongkot, Yetagun and Pailin projects helped push the sales volume and value in this quarter. PTTEP bought the remaining shares in S1 project from Thai Shell and became its operator at the beginning of this year.

The expenses of PTTEP and its subsidiaries rose by 1,560 million baht to 5,152 million baht from the 3,592 million baht incurred in same quarter of last year. Depreciation and amortization of S1 and Bongkot projects, increased in royalties due to the higher sales volume, contributed to the higher expenditure.

For the Nine-Month Period
For the nine-month period of 2004, the total revenues of PTTEP and its subsidiaries was 34,797 million baht. The net profit was 10,766 million baht and earning per share was at 16.50 baht.

Financial Position
As of September 30, 2004, PTTEP and its subsidiaries had total assets amounting to 105,124 million baht, an increase of 12,548 million baht from the end of last year. The total liabilities stood at 52,870 million baht, an increase of 5,968 million baht from the end of 2003, having taken in additional liabilities from Thai Shell when PTTEP bought the S1 shares.
November 1, 2004
For more information, please contact
Sidhichai Jayant/Tongchit Wattanametee
External Relations Department
Tel. +66 (02) 537 4000

PTTEP signed Production Sharing Contract for Block B-17-01 in the MTJDA

30-Sep-2004
PTTEP International Limited (PTTEPI) and PC JDA Limited on September 30, 2004 signed the Production Sharing Contract (PSC) of Block B-17-01 with Malaysia-Thailand Joint Authority (MTJA). The signing ceremony was held in Kuala Lumpur, Malaysia.

Block B-17-01 is in the Malaysia-Thailand Joint Development Area (MTJDA), south of the Gulf of Thailand. It covers an area of about 3,475 square kilometers.

PTTEPI is a wholly owned subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), while PC JDA Limited is an affiliate of PETRONAS of Malaysia.

PTTEP President Mr.Maroot Mrigadat sees the contract signing as a good step forward for the company. “The Production Sharing Contract will enhance the value of petroleum exploration projects in the Gulf of Thailand and the MTJDA through synergy for optimum operational efficiency”, he said.

The Thai Cabinet on September 21, 2004 and the Malaysian Cabinet on September 29, 2004 gave the permission for MTJA to award the PSC of Block B-17-01 to PTTEPI and PC JDA Limited. Each party will have a participation interest of 50%. The contract will oblige the companies to invest at least about 6 million US Dollars in the first 5 years in geological and geophysical studies, seismic surveys, and the drilling of at least two exploration wells.

Earlier, in 1994, both companies signed Production Sharing Contracts for Blocks B-17 and C-19 in the Malaysia-Thailand Joint Development Area, followed by the signing of Heads of Agreement (HOA) in 1998. Both companies formed Carigali-PTTEPI Operating Company Sdn. Bhd. (CPOC) to conduct exploration and production work in these blocks and petroleum has been found in nine fields.

The relinquished area within Blocks A-18, B-17 and C-19 in the Malaysia-Thailand Joint Development Area (MTJDA) are now collectively called Block B-17-01. MTJA decided to give the national oil companies of both countries the first priority in negotiating for the new block. All parties have eventually reached an agreement for the PSC today.

September 30, 2004
For more information, please contact
Sidhichai Jayant
Tongchit Wattanametee
External Relations Department
Tel. +66 (02) 537 4000

PTTEP Posted a 24% Total Revenues Increase in Quarter 2

16-Aug-2004
PTT Exploration and Production Public Company Limited (PTTEP) and its subsidiaries posted total revenues for the second quarter 2004 at 11,609 million baht, an increase of 2,276 million baht or 24% when compared with 9,333 million baht in the same quarter of last year. The increase resulted mainly from sales revenue which rose by 2,670 million baht or 32% due to higher sales volume.

Mr. Maroot Mrigadat, President of PTT Exploration and Production Company Limited (PTTEP) attributed the increase in the total revenues to the sales volume of crude oil from S1 Project which PTTEP acquired from Thai Shell Exploration and Production Co. Ltd. (Thai Shell) early this year, and the higher sales volume of gas and condensate from Bongkot Project which helped push the total sales to 133,101 barrels of oil equivalent per day (BOED) compared with the sales of 108,380 BOED in the same quarter of last year. Another factor was the product price which went up on average to US$ 22.86 per barrel of oil equivalent from US$ 20.13 per barrel of oil equivalent in the same period of last year.

PTTEP’s net profit for the second quarter of this year was 3,277 million baht, a decrease of 273 million baht compared with 3,550 million baht in the same quarter of last year due mainly to the weakness of the Thai baht against the US dollar which fell to 41.03 baht at June 30, 2004 compared with 39.55 baht at March 31, 2004.

“Although the Thai baht depreciation had a negative impact on the net profit, the value of PTTEP's reserves which were not booked in the account was assessed in US dollar rose.” said Mr. Maroot

Higher costs of depletion, depreciation and amortization, as well as royalties were the culprits in the increased expenses of PTTEP. Production cost also went up partly because of the S1 project which PTTEP is now the Operator with 100% interest. As a result, the Company’s expenses rose to 5,347 million baht, an increase of 2,027 million baht from the expenses of 3,320 million baht incurred during the same quarter last year.

As of June 30, 2004, the Company’s total consolidated assets stood at 97,417 million baht, an increase of 4,841 million baht from December 31, 2003. Total liabilities were 49,423 million baht, an increase of 2,521 million baht due mainly to provision for decommissioning costs of Thai Shell.

As for future plan, Mr. Maroot said that “In early August, PTTEP signed Production Sharing Contract (PSC) to invest in offshore petroleum exploration blocks M-3 and M-4 in Union of Myanmar as the Operator with 100% interest. In the first 4 years, PTTEP will conduct geological and geophysical, seismic surveys and the drilling of at least 1 exploration well. If the result is satisfactory, PTTEP can extend the exploration period for another 2 years. The six-year exploration activities would cost about 23 million dollars. This investment is in line with the Company’s strategy to enhance overseas business with the aim to strengthen the long-term petroleum reserves of the country.”

“For domestic projects, an additional drilling program will be conducted at S1 project to boost its production. The Company also plans to test the oil production in B6/27 project by resumption the Nang Nuan oil field in the Gulf of Thailand in the near future.” said Mr. Maroot

August 16, 2004
For more information, please contact
Charlie Charuvastr/ Sidhichai Jayant
Bussaban Cheencharoen/ Tongchit Wattanametee/ Panlop Limsakul
External Relations Department
Tel. +66 (02) 537 4000

PTTEP invests in Blocks M-3 and M-4 in Union of Myanmar to Secure Long-Term Petroleum Supply to Thailand

03-Aug-2004
PTT Exploration and Production Public Company Limited, or PTTEP, announces that on August 7, 2004, Mr. Maroot Mrigadat, President of PTTEP, will sign the Production Sharing Contract (PSC) to invest in offshore petroleum exploration Blocks M-3 and M-4 in Myanmar as the Operator with 100% interest. This ceremony will take place in Yangon, Union of Myanmar, witnessed by H.E. Mr. Prommin Lertsuridej, the Minister of Energy of Thailand and H.E. Brig. General Lun Thi, the Minister of Energy, Union of Myanmar.

Blocks M-3 and M-4, located offshore of the Gulf of Mataban, cover an area of approximately 18,000 square kilometers.

In the first 4 years ( 2004-2008), PTTEP expects to spend approximately US$ 13 million for geological and geophysical studies, seismic surveys and the drilling of at least 1 exploration well. Should the initial work be successful, PTTEP has the rights to extend the contract for 2 years. Total expenditure for the 6 years period will be approximately US$ 23 million.

Mr. Maroot Mrigadat, President of PTTEP, said, “Over the past few years, PTTEP has consistently implemented its policy in seeking opportunities in neighboring countries and other regions to secure long-term petroleum supply to Thailand. The investment in Blocks M-3 and M-4 is not only serving PTTEP’s business expansion but is also in line with the Thai government’s policy to focus on investment in neighboring countries. This investment strengthens the good relationship between Thailand and Union of Myanmar and it also strengthens PTTEP’s roles in this region.

PTTEP last year acquired 100% and became the Operator of Myanmar’s offshore Blocks M-7 and M-9. The acquisition of Blocks M-3 and M-4 will enhance the value of the previous two blocks through synergy and operational efficiency.

PTTEP currently invests in Yadana and Yetagun Gas Fields. They produce approximately 680 and 300 million cubic feet per day respectively. PTTEP has 25.5% participation interest in Yadana and 19.3% in Yetagun Gas Fields.

At present, the Company invests in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia and Malaysia. It also invests in the Sultanate of Oman in the Middle East and in Algeria, North Africa.

PTTEP invests in Blocks M-3 and M-4 in Union of Myanmar to Secure Long-Term Petroleum Supply to Thailand

03-Aug-2004
PTT Exploration and Production Public Company Limited, or PTTEP, announces that on August 7, 2004, Mr. Maroot Mrigadat, President of PTTEP, will sign the Production Sharing Contract (PSC) to invest in offshore petroleum exploration Blocks M-3 and M-4 in Myanmar as the Operator with 100% interest. This ceremony will take place in Yangon, Union of Myanmar, witnessed by H.E. Mr. Prommin Lertsuridej, the Minister of Energy of Thailand and H.E. Brig. General Lun Thi, the Minister of Energy, Union of Myanmar.

Blocks M-3 and M-4, located offshore of the Gulf of Mataban, cover an area of approximately 18,000 square kilometers.

In the first 4 years ( 2004-2008), PTTEP expects to spend approximately US$ 13 million for geological and geophysical studies, seismic surveys and the drilling of at least 1 exploration well. Should the initial work be successful, PTTEP has the rights to extend the contract for 2 years. Total expenditure for the 6 years period will be approximately US$ 23 million.

Mr. Maroot Mrigadat, President of PTTEP, said, “Over the past few years, PTTEP has consistently implemented its policy in seeking opportunities in neighboring countries and other regions to secure long-term petroleum supply to Thailand. The investment in Blocks M-3 and M-4 is not only serving PTTEP’s business expansion but is also in line with the Thai government’s policy to focus on investment in neighboring countries. This investment strengthens the good relationship between Thailand and Union of Myanmar and it also strengthens PTTEP’s roles in this region.

PTTEP last year acquired 100% and became the Operator of Myanmar’s offshore Blocks M-7 and M-9. The acquisition of Blocks M-3 and M-4 will enhance the value of the previous two blocks through synergy and operational efficiency.

PTTEP currently invests in Yadana and Yetagun Gas Fields. They produce approximately 680 and 300 million cubic feet per day respectively. PTTEP has 25.5% participation interest in Yadana and 19.3% in Yetagun Gas Fields.

At present, the Company invests in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia and Malaysia. It also invests in the Sultanate of Oman in the Middle East and in Algeria, North Africa.

PTTEP total revenues rises 28% in Q1 2004

13-May-2004
Mr. Maroot Mrigadat, President of PTT Exploration and Production Public Company Limited (PTTEP), announced the Company and its Subsidiaries’ net profit for the 1st quarter of 2004 was Baht 3,378 million, an increase of Baht 784 million when compared with Baht 2,594 million from the same period last year.

For the 1st quarter of 2004, the Company and its subsidiaries' total revenues were Baht 10,709 million, up 28 percent when compared with Baht 8,368 million from the 1st quarter of last year. This increase mainly stemmed from an increase in sales revenues. The sales volumes in this quarter were also increased to 129,187 barrels of oil equivalent per day (BOE/D) compared with 98,008 BOE/D in the 1st quarter of 2003. The increase was due to higher crude oil sales volumes of S1 project after the acquisition of 100% share in Thai Shell Exploration and Production Company Limited, and the higher gas and condensate sales volumes of Bongkot Project.

For the 1st quarter of 2004, PTTEP and subsidiaries incurred expenses of Baht 4,841 million, an increase of 31% when compared with Baht 3,707 million for the same period last year. This increase was due to higher depreciation and amortization worth Baht 693 million derived from S1 after the acquisition of 100% share in Thai Shell Exploration and Production Company Limited as well as higher depreciation from Bongkot project related to higher production.

As of March 31, 2004, total consolidated assets were Baht 102,382 million, up Baht 9,806 million, when compared with figures of last year. Total liabilities were Baht 53,398 million, an increase of Baht 6,496 million due to the acquisition of S1’s total consolidated assets and liabilities.

Mr. Maroot Mrigadat stated, “In the first quarter, the acquisition of S1 contributed to the Company’s significant increase in net profit from the same period last year. Thai Shell Exploration and Production Company Limited has now become PTTEP Siam Co., Ltd., helping push the Company’s total assets to exceed 100,000 million baht for the first time. The Company is accelerating the preparation to start reproduction of crude oil from B6/27 Project.

“In the area of PTTEP domestic projects, PTTEP has started to drill exploration and delineation wells right after the Signing of Arthit’s Gas Sales Agreement in order to prepare its development plan. PTTEP is striving to meet its plan to produce gas from this project in the middle of 2006.”

“For overseas investment, in the Southeast Asian Region, PTTEP has started to discuss with Malaysia-Thailand Joint Authority (MTJA) on JDA’s Heads of Agreement, targeted to be finalized within this year to meet the first production in 2008 or 2009.”

In the Middle East, PTTEP is now conducting the exploration drilling program for SHAMS field in Block 44 Oman which PTTEP is planning for first gas production within this year.”

Due to the constant rise in natural gas demand, PTTEP has continued to develop its existing domestic and overseas projects such as Arthit Project. “Moreover, we are still seeking more domestic and international E&P projects to meet Thailand’s gas demand during the period of economic recovery.” Mr. Maroot said.

13 May 2004
For more information, please contact
Charlie Charuvastr/ Sidhichai Jayant/ Bussaban Cheencharoen
External Relations Department
Tel. +66 (02) 537-4000

PTTEP announcing 2003 Financial Result and 2004 Plan

01-Mar-2004
Mr. Maroot Mrigadat, President of PTT Exploration and Production Public Company Limited (PTTEP) announced the Company’s 2003 financial result, its success in both inbound and outbound business expansion as well as the profit maximization of its existing projects to secure long term gas supply for Thailand

2003 and 1Q of 2004 Company’s Highlight
In the previous year, PTTEP was successful in expanding its business in both domestic and international arena such as
1. The Company acquired 7 new domestic and international concessions i.e. G4/43, G9/43 , L22/43, B6/27, L53/43 &L54/43, 433a&416b and M-7&M-9
2. PTTEP increased its stake in Yetagun project from 14.2% to 19.3%
3. PTTEP signed the Arthit Gas Sales Agreement with PTT to start up first gas production at the rate of 330 million cubic feet per day in 2006.
4. PTTEP bought 100% share in Thai Shell Exploration and Production Company Limited and increased its stake in S1, the largest crude oil filed in Thailand, to 100%. Thai Shell will be renamed as PTTEP Siam Limited.

From the above success, PTTEP currently owns 22 operated and non-operated joint ventures and 2 investment projects. Through its involvement, PTTEP gas supply amounted to 21% of total natural gas consumption from domestic and Myanmar resources.

Apart from its strong commitment in striving for the best of its core business, PTTEP realized the importance of environment and social development. Last year, PTTEP incorporated with non-profit organizations, government agencies and private companies constantly dedicates to long-term and sustainable social development programs. The Thai Rice Project is one of PTTEP major supporting programs that help Thai farmers to learn new know-how on cultivating rice and rice marketing. PTTEP also continues supporting the development of Vajira Bechathat Park (Railway Park) to be a sport and recreation area for the public at large. Another major local community initiative is “I love sport” program, in which ten high schools near PTTEP 1 Suphanburi province and in Songkhla province were invited to athletic competition. It was the 2nd successful year that PTTEP continues this program with its aim to encourage youth to play sports and avoid drugs. Furthermore, PTTEP also awarded many scholarships for students with outstanding performance at all levels and donated books and computer sets to many schools.

Regarding its financial performance, Mr. Maroot stated as of 31 December 2003 when compared to the same period of last year, PTTEP total revenues were Baht 37,014 million, up Baht 5,240 million or up 16% due to the increase in sales revenues of Baht 4,451 million. It is resulted from the increase of average petroleum price to USD 20.62 per barrel of oil equivalent compared to USD 18.59 per barrel of oil equivalent of the same period last year. More contribution came from the increase in daily sales volume to approximately 107,299 barrels of oil equivalent, compared to 101,736 barrels of equivalent of the same period last year. Total expenditures were Baht 15,613 million, up Baht 2,704 million while total net income of 2003 was Baht 12,028 million, down Baht 26 million compared to 2002. Total consolidated asset as of 31 December 2003 was Baht 92,576 million or an increase of Baht 8,183 million when compared to 2002. Total liability was Baht 46,902 million or an increase of Baht 964 million when compared to 2002.

As of 31 December, 2003, Total consolidated proved reserves were 882 million barrels of oil equivalent which could be identified as 112 million barrels of crude oil and condensate, plus 5,137 billion standard cubic feet of gas. After including the portion of PTTEP’s investment in Medco, total consolidated proved reserves were 937 million barrels of oil equivalent.

The Company Growth Plan
Mr. Maroot stated that PTTEP has adopted 3 key st

Minister of Energy signs 2 Memorandum of Understandings

29-Jan-2004
On 29 January 29 2004 at PTTEP Office Building, H.E. Mr. Prommin Lertsuridej, Thailand’s Minister of Energy presides over the Signing of 2 Memorandum of Understandings (MOUs) for Petroleum Cooperation with the Islamic Republic of Iran’s representative H.E. Dr. Nejad Hosseinian, Deputy Minister of Petroleum for International Affairs during his official visit.

The first MOU covers the cooperation between the two countries on Petroleum-related projects and will be signed by H.E. Prommin Lertsuridej, Thailand’s Minister of Energy and H.E. Dr. Nejad Hosseinian, Deputy Minister of Petroleum for International Affairs, of the Islamic Republic of Iran. The MOU covers 5 main areas as the followings:

1. The cooperation on the Petroleum Exploration and Development between PTT Exploration and Production Public Company Limited (PTTEP) and the Iranian Ministry of Petroleum
2. The cooperation to conduct the feasibility study on importing Liquefied Natural Gas (LNG) from the Islamic Republic of Iran for Thailand’s domestic utilization
3. The cooperation to exchange experiences on Compressed Natural Gas (CNG) or Natural Gas for Vehicles (NGV) usage between Thailand and the Islamic Republic of Iran
4. The invitation to the Islamic Republic of Iran to participate in Thailand’s 2 new majors projects; Thailand Petroleum Trading Center and the Strategic Energy Landbridge (SELB)
5. The cooperation in Petrochemical investment in the Islamic Republic of Iran

Both parties will then organize joint working group for further cooperation after the signing. .
The 2nd MOU will be signed by Mr. Maroot Mrigadat, President of PTTEP and the Iranian Deputy Minister of Petroleum. This MOU resulted from the 6th JC Thai-Iran meeting of the Ministry of Foreign Affairs in Bangkok, April 2002.

This MOU covers the cooperation between the two countries in the areas of petroleum exploration, development and utilization of petroleum and their products as well as training and other technical assistance in oil and gas activities.

H.E. Prommin Lertsuridej, the Minister of Energy said “Today marks another Thailand’s milestone in the building of a strong relationship with such a petroleum-rich country like The Islamic Republic of Iran which will lead to future cooperation in petroleum-related business between our nations.”

Currently, PTTEP invests in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia, Malaysia and the Union of Myanmar. It also invests in the Sultanate of Oman in the Middle East and in Algeria, North Africa.

29 January 2004
For more information, please contact
Charlie Charuvastr or Bussaban Cheencharoen
External Relations Department
Tel. +66 (02) 537-4000

PTTEP Buys 100% Thai Shell Shares

31-Dec-2003
PTT Exploration and Production Public Company Limited (PTTEP), as a stakeholder of the S1 Concession, where the Sirikit Oil Field is situated, announced that on December 30, 2003 the company and its subsidiary, PTTEP Offshore Investment Company Limited, executed a Share Purchase Agreement to buy all the entire issued shares of capital for Thai Shell Exploration and Production Co., Ltd. or Thai Shell, at approximately US$ 205 million. Thai Shell holds a 75% stake in the onshore S1 concession and 100% stake in offshore concession B6/27 as well as the Operatorship rights for these two blocks. PTTEP and PTTEPO expect to complete this transaction in January 2004. Moreover, there will be the signing of the agreements for the transfer of concession rights of onshore petroleum Block L22/43 from Thai Shell Co., Ltd., which currently holds a 65% stake in this block, with PTTEP holding 35%.

Mr. Maroot Mrigadat, President of PTTEP stated “PTTEP has been working with Thai Shell in the Sirikit oil field since 1985. We have good understanding of its geology and of other fields in S1 Concession. With this valuable experience and our expertise as the Operator in the offshore Bongkot gas field, we are the most capable and competitive E&P company to add further value to the Sirikit field.”

“There was a very strong competition in this deal from the leading international oil companies all over the world. With tremendous support from all stakeholders, we are able to reach the deal in this Share Purchase Agreement at a very competitive price”

“By purchasing Thai Shell, PTTEP not only extends its capability as an operator of the largest onshore oil field in Thailand, but also immediately locks in sales revenue from this field. Our Company’s oil production and oil reserves will also impressively increase. Moreover, the skilled and experienced staff from Thai Shell will strengthen PTTEP capability to compete in the petroleum exploration and production business.”

The Sirikit Oil Field (S1) is the largest onshore oil field and the first major oil field in Thailand, straddling Kamphaengphet, Phitsanulok and Sukhothai provinces. At present, it daily produces approximately 19,000 barrels of crude oil along with 50 million cubic feet of natural gas and 300 tons of liquefied petroleum gas (LPG). Having been bestowed with the Royal name “Sirikit”, this field has taken on enormous significance for the Nation, and PTTEP gratefully realizes its importance as a symbol of national pride and as a historic milestone for the country and its people.

B6/27 or Nang Nuan Oil Field is located offshore Chumphon and Suratthani provinces in the Gulf of Thailand. Production from this field was suspended in 1997.

PTTEP expects that its 2004 sales volume will increase to approximately 129,000 barrels of oil equivalent per day.

PTTEP currently operates and develops both onshore and offshore projects in domestic and international arenas such as Bongkot gas field, Arthit gas field, PTTEP1 oil field and Block 44 in Oman.

PTTEP acknowledges and is dedicated to its mission to secure long-term petroleum reserves for the growing national demand. In consequence, the Company has directed even greater effort into both domestic and international E&P activities. All these activities are aimed at helping the Kingdom to become less dependent on imported fuels.

December 30, 2003

For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel. +66 (02) 537-4000

PTTEP will ink Arthit�s Heads of Agreement. Ready to deliver gas in mid 2006.

24-Nov-2003
PTT Exploration and Production Public Company Limited, or PTTEP, announces that on November 24, 2003, PTTEP, as the Operator of Arthit Gas Field, will sign the Heads of Agreement (HOA) with PTT Plc., the buyer, at the Grand Hyatt Erawan Hotel. This ceremony will be witnessed by H.E. Mr. Prommin Lertsuridej, the Minister of Energy Ministry.

Mr. Maroot Mrigadat, President of PTTEP said “This Agreement covers the major terms of gas sales such as volume, quality, production start-up date and gas price. It also conforms to the government policy in securing a long-term gas supply and reducing energy cost while providing reasonable return on investment for the gas producers. This Agreement will enable PTTEP to proceed with the detailed engineering design of production facilities and commit the required investment while the final Gas Sales Agreement is being prepared for review and approval by the Petroleum Committee and the Ministry of Energy.”

“PTTEP will spend approximately 26 billion baht during 2003-2007 for Arthit’s development phase, including construction of 1 living quarters platform, 1 production platform and 5 wellhead platforms as well as the drilling of 66 appraisal and production wells. Gas Production at the rate of 330 million cubic feet per day is planned to start in 2006 after the completion of the 3rd gas pipeline of PTT Plc. This will result in an increase in PTTEP sales volume of 47,000 barrels of oil equivalent per day. Since Arthit Gas Field has high potential, PTTEP and our partners will conduct further exploration and production in parallel in order to meet rising gas demand in the future.”

On the same date, PTTEP will also sign the Memorandum of Understanding on condensate sales to agree in principle about selling condensate produced from this field to PTT Plc.

Arthit Gas Field, part of Navamindra Petroleum Area, is situated in Concession Blocks B14A, B15A and B16A in the Gulf of Thailand. This field, covering a production area of approximately 3,451 sq. km., is 230 k.m. off Songkhla’s coast and adjacent to Bongkot Gas Field. PTTEP, as the Operator, holds 80% interest while Unocal Thailand Co., Ltd and MOECO Thailand Co., Ltd. hold 16% interest and 4% interest respectively. The joint venture partners have already drilled 21 exploration wells during 1999-2001 with promising discoveries of gas and condensate.

Currently, PTTEP invests in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia, Malaysia and the Union of Myanmar. It also invests in the Sultanate of Oman in the Middle East and in Algeria, North Africa.

November 24, 2003
For more information, please contact
Charlie Charuvastr/ Bussaban Cheenchoroen
Tel: 66 (02) 537 4000

PTTEP net profit rose 31% in Q3

12-Nov-2003
Mr. Maroot Mrigadat, President of PTT Exploration and Production Public Company Limited (PTTEP), announced the Company and its Subsidiaries’ net profit for the 3rd quarter of year 2003 was Baht 3,891 million, an increase of Baht 918 million or 31% when compared with Baht 2,973 million from the same period last year.

For the third quarter of 2003, the Company and its subsidiaries' total revenues were Baht 9,923 million, up 13 percent when compared with Baht 8,802 million from the third quarter of last year. This increase mainly stemmed from 1) an increase in sales of Baht 617 million, up 7%, resulting from a rise in the average petroleum price to USD 20.55 per barrel of oil equivalent (BOE) when compared with USD 18.71 per BOE for the same period last year and 2) a foreign exchange gain of Baht 469 million.

The sales volume in this quarter was 112,016 barrels of oil equivalent per day(BOE/D) compared with 115,560 BOE/D in the third quarter of 2002. The decrease was due to lower gas sales volume of the Bongkot Project and lower condensate sales volume of the Pailin Project.

PTTEP and its subsidiaries realized of their shares of net profit from Medco Energi and Thai Oil Power Company Limited in the amount of Baht 76 million and Baht 129 million, respectively.

For the third quarter of 2003, PTTEP and subsidiaries incurred expenses of Baht 3,591 million, a decrease of Baht 425 million or 11% when compared with Baht 4,016 million for the same period last year. This decrease was due to the foreign exchange loss of Baht 724 million in the third quarter of 2002. However, the increase in operating expenses for the third quarter of 2003 was due to higher exploration expenses for the geological and geophysical studies in Block 44, the write-off of dry wells in Block 16-1 project and higher royalties related to an increase in sales revenue.

For the nine-month period of 2003, PTTEP and its subsidiaries’ total revenues were Baht 27,624 million and total expenses were 10,618 million. Net profit was Baht 10,035 million.

As of September 30, 2003, total consolidated assets were Baht 91,052 million, up Baht 6,659 million, when compared with figures of December 31, 2002. Total liabilities were Baht 47,350 million, an increase of Baht 1,412 million due to the issue of an unsecured unsubordinated Baht Bond totaling Baht 2,500 million.

Mr. Maroot Mrigadat stated, “In the third quarter, the average product price increased from the same period last year. This significantly contributed to the Company's rise in net profit this quarter. “

“Regarding PTTEP domestic projects, we believe that negotiation on Arthit’s Head of Agreement can be finalized soon. Moreover, the Gas Sales Agreement (GSA) is targeted to be signed with PTT Plc. by the end of this year.”

“For overseas investment, in the Southeast Asian Region, PTTEP signed a Production Sharing Agreement to become the 100% Operator in Exploration Blocks M-7 and M-9 in the Union of Myanmar. In the Middle East, the 3D seismic survey of Omani Block 44 was finished as planned. PTTEP is now conducting the data processing in order to plan its exploration drilling and development program for next year.”

“Due to the constant rise in natural gas demand, PTTEP has continued to develop its existing domestic and overseas projects such as Arthit Project. Moreover, we are still seeking more domestic and international E&P projects to meet Thailand’s gas demand needs during this period of economic recovery.” Mr. Maroot said.

November 12, 2003
For more information, please contact
Charlie Charuvastr or Bussaban Cheencharoen
External Relations Department
Tel. +66 (0) 2537 4000

PTTEP invests in Petroleum Exploration Blocks M-7 and M-9 in Union of Myanmar to Secure Long-Term Petroleum Supply to Thailand

06-Nov-2003
PTT Exploration and Production Public Company Limited, or PTTEP, announces that on November 12, 2003, Mr. Maroot Mrigadat, President of PTTEP, will sign the Production Sharing Contract (PSC) to invest in offshore petroleum exploration Blocks M-7 and M-9 in Myanmar. This ceremony will take place at Bagan National Museum, witnessed by Pol. Lt. Col. Thaksin Shinawatra, the Prime Minister of Thailand; H.E. General Khin Nyunt, the Prime Minister of the Union of Myanmar; Dr. Prommin Lertsuridej, the Minister of Energy Ministry of Thailand; and Brigade General Lun Thi, the Minister of Energy, Union of Myanmar.

Blocks M-7 and M-9, located offshore in the southern part of the Gulf of Martaban about 200-300 kilometers from Yangon, cover an area of approximately 27,000 square kilometers. Arco, an international oil company, in cooperation with the Myanmar’s government, drilled 2 exploration wells in Block M-7 and 4 exploration wells in Block M-9. The result confirmed the significant presence of natural gas in some wells.

In the first 4 years, PTTEP expects to spend approximately USD 16 million for geological and geophysical study, seismic surveys and the drilling of 2 exploration wells.

Mr. Maroot Mrigadat, President of PTTEP, said, “ Over the past few years, PTTEP has consistently implemented its policy in securing Thailand’s long-term petroleum supply and capturing domestic and overseas petroleum investment opportunities in order to increase its petroleum reserves. “

“The investment in Blocks M-7 and M-9 is highly attractive because the two blocks have high petroleum potential comparable to Yadana Gas Field. The investment terms and conditions are very reasonable, and PTTEP is selected as Operator holding 100% participation interest in these two blocks because of good relationship and cooperation between Thailand and Myanmar.”

PTTEP invests in Yadana and Yetagun Gas Fields. They currently produce approximately 650 and 300 million cubic feet per day respectively, which are equivalent to one third of Thailand’s gas consumption. PTTEP has 25.5% participation interest in Yadana and 19.3% in Yetagun Gas Fields.

At present, the company invests in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia and Malaysia. It also invests in the Sultanate of Oman in the Middle East and in Algeria, North Africa.

Blocks M-7 and M-9 Map

November 6, 2003
For more information, please contact
Charlie Charuvastr or Bussaban Cheencharoen
External Relations Department
Tel. +66 (0) 2537 4000

PTTEP invests in Petroleum Exploration Blocks M-7 and M-9 in Union of Myanmar to Secure Long-Term Petroleum Supply to Thailand (November 6, 2003)

06-Nov-2003
PTT Exploration and Production Public Company Limited, or PTTEP, announces that on November 12, 2003, Mr. Maroot Mrigadat, President of PTTEP, will sign the Production Sharing Contract (PSC) to invest in offshore petroleum exploration Blocks M-7 and M-9 in Myanmar. This ceremony will take place at Bagan National Museum, witnessed by Pol. Lt. Col. Thaksin Shinawatra, the Prime Minister of Thailand; H.E. General Khin Nyunt, the Prime Minister of the Union of Myanmar; Dr. Prommin Lertsuridej, the Minister of Energy Ministry of Thailand; and Brigade General Lun Thi, the Minister of Energy, Union of Myanmar.

Blocks M-7 and M-9, located offshore in the southern part of the Gulf of Martaban about 200-300 kilometers from Yangon, cover an area of approximately 27,000 square kilometers. Arco, an international oil company, in cooperation with the Myanmar’s government, drilled 2 exploration wells in Block M-7 and 4 exploration wells in Block M-9. The result confirmed the significant presence of natural gas in some wells.

In the first 4 years, PTTEP expects to spend approximately USD 16 million for geological and geophysical study, seismic surveys and the drilling of 2 exploration wells.

Mr. Maroot Mrigadat, President of PTTEP, said, “ Over the past few years, PTTEP has consistently implemented its policy in securing Thailand’s long-term petroleum supply and capturing domestic and overseas petroleum investment opportunities in order to increase its petroleum reserves. “

“The investment in Blocks M-7 and M-9 is highly attractive because the two blocks have high petroleum potential comparable to Yadana Gas Field. The investment terms and conditions are very reasonable, and PTTEP is selected as Operator holding 100% participation interest in these two blocks because of good relationship and cooperation between Thailand and Myanmar.”

PTTEP invests in Yadana and Yetagun Gas Fields. They currently produce approximately 650 and 300 million cubic feet per day respectively, which are equivalent to one third of Thailand’s gas consumption. PTTEP has 25.5% participation interest in Yadana and 19.3% in Yetagun Gas Fields.

At present, the company invests in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia and Malaysia. It also invests in the Sultanate of Oman in the Middle East and in Algeria, North Africa.

Blocks M-7 and M-9 Map

November 6, 2003
For more information, please contact
Charlie Charuvastr or Bussaban Cheencharoen
External Relations Department
Tel. +66 (0) 2537 4000

PTTEP and Petrovietnam Reached an Agreement for a Joint Venture in Block 433a & 416b in Algeria

06-Nov-2003

Recently Mr. Maroot Mrigadat, President of PTT Exploration and Production Plc., or PTTEP, and Mr. Do Van Hau, Managing Director, Petrovietnam Investment & Development Company (PIDC), a wholly-owned subsidiary of Petrovietnam, signed the Assignment Agreement for a Joint Venture in Onshore Petroleum Exploration Block 433a & 416b in Algeria, North Africa.

The Block is located near Touggourt in the southeast of Algeria covering the area of 6,472 square kilometers and about 50 kilometers from Hassi Messaoud, a large oil field which produces approximately 400,000 barrels of oil per day. The partners will be PIDC, the current 75% rightholder; PTTEP Algeria Co., Ltd., a wholly-owned subsidiary of PTTEP, and SONATRACH (Algeria National Oil Company). The final participating interests, subject to consent and other approval by SONATRACH and the Algerian authorities, will be 40%, 35%, and 25% respectively. According to the committed work program, PTTEP Algeria and PIDC expect to jointly spend a minimum of USD 21 million for the first three years of the exploration phase.

November 6, 2003
External Relations
Tel. 0-2537-4507

PTTEP Elects New President

03-Oct-2003
Mr. Manu Leopairote, Chairman of the Board of Directors of PTT Exploration and Production Public Co., Ltd. (PTTEP), announced the election of Mr. Maroot Mrigadat portfolio as the Company’s new President succeeding Dr. Chitrapongse Kwangsukstith, who will become Senior Executive Vice President, Gas Business Group at PTT Public Company Limited, effective as of October 6, 2003.

Mr. Manu said, “While in office as the Company’s President from 2000, Dr. Chitrapongse managed the Company successfully during the economic crisis. Not only that but he also emphasized the needs of human resources development extensively which ultimately led PTTEP to expand its business successfully in Asia including the Socialist Republic of Vietnam, Indonesia and the Sultanate of Oman.”

Mr. Maroot Mrigadat graduated with a Bachelor’s degree and a Master’s degree in Petroleum Engineering from the University of Texas at Austin, U.S.A. His experience includes working as Director, Drilling and Production Division at PTT before joining PTTEP in 1989. At PTTEP, Mr. Maroot took many important senior positions and responsibilities such as in Production and Operations. Currently, he is Senior Vice President, Business Development Division before becoming the next Company’s President on October 6th.

With regard to the Company’s policies and directions, Mr. Maroot said that he will adhere to the Company’s policies as the current President, Dr. Chitrapongse, has carried out successfully. Mr. Maroot sees that PTTEP runs its business in 3 main sectors, namely, as an operator, partnership as a non-operator and growth development. According to his business strategies, PTTEP will, as an operator, try to continuously increase work efficiency and reduce costs by means of synergy,that is, having different projects including Bongkot Project, Arthit Project, and JDA Project share equipment and human resources. Moreover, PTTEP will be involved more in joint ventures as a non-operator. The Company will also set priorities of projects and be an active partner to add value to projects which are the Company’s main business. As for long-term growth development, PTTEP will expand its business in Asia, Middle East and North Africa with a focus on investment in countries where there exists high potential of petroleum resources. Mr. Maroot added that he will continue to place significant values on the development of human resources with an emphasis on professionalism, which is the most significant factor for the Company’s sustainable growth.

October 3, 2003
For more information, please contact
Charlie Charuvastr or Bussaban Cheencharoen
External Relations Department
Tel. +66 (0) 2537 4000

PTTEP invested more in Yetagun Project

12-Sep-2003
PTT Exploration and Production Public Company Limited or PTTEP announced that its wholly-owned subsidiaries; PTTEP International Limited (PTTEPI) and PTTEP Offshore Investment Company Limited (PTTEPO), which have a 14.1667% participation interest in the Yetagun project, Union of Myanmar agreed with other joint venture partners to exercise its right under the Joint Operating Agreement (JOA) to purchase interests owned by Premier Petroleum Myanmar Limited (PPML) in the Yetagun project after PPML decided to withdraw its investment in this project. This will affect an additional 5.1511% participation interest of PTTEPI and PTTEPO in the Production Sharing Contracts of Blocks M-12, M-13, and M-14 located in the gulf of Mataban, Union of Myanmar, and in the Yetagun Gas Export Pipeline, respectively.

Dr. Chitrapongse Kwangsukstith, PTTEP President added “PTTEPI and PTTEPO together with their partners started the negotiation with PPML as per the First Right of Refusal under the JOA since mid of last year. The transaction is expected to be completed within today. This investment will provide additional revenues from natural gas and condensate production as well as additional petroleum reserves”

After the purchase, the joint venture partners of Yetagun project is PPML, Petronas Carigali Myanmar Inc. (PCMI), Myanma Oil and Gas Enterprise, Nippon Oil Exploration (Myanmar) Limited, PTTEPI and PTTEPO. PPML, as part of the affiliate group of PCMI, will be the Operator.

PTTEP will spend the amount of approximately USD 78 million for this acquisition. By this investment, PTTEPI’s and PTTEPO’s participation interest will increase to 19.3178% effective from 30 September 2002.

September 12, 2003
For more information, please contact
Charlie Charuvastr or Bussaban Cheencharoen
External Relations Department
Tel. +66 (0) 2537 4000

PTTEP net profit rose in Q2 Due to increase in Sales of 1,200 million Baht

14-Aug-2003
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP), announced the Company and its Subsidiaries’ year 2003 Q2 operating result. For the second quarter of 2003, the Company and its subsidiaries' total revenues were Baht 9,333 million, up 9 percent when compared with Baht 8,576 million from the second quarter of last year. The increase mainly resulted from the higher gas sale volumes, averaging 108,380 barrels of oil equivalent per day (BOE/D) compared with 101,635 BOE/D in the second quarter of 2002. Major contribution was higher gas sales volumes of Pailin Project at the average rate of 348 Million cubic feet per day (MMCFD) when compared with 192 MMCFD of last year as well as the higher gas sales volumes of Yetagun Project at the average rate of 292 MMCFD when compared with 166 MMCFD of last year, and the higher condensate sales volumes of Pailin at the average rate of 14,839 barrels per day, when compared with 9,644 barrels per day of last year. Moreover, the higher average product price of USD 20.13 per barrels of oil equivalent (BOE) when compared with USD 18.10/ BOE of the same period last year.

The Expense of the Company and its subsidiaries was Baht 3,320 million, up 6 percent, when compared with the expense of Baht 3,130 million from the second quarter of last year. This increase resulted from petroleum exploration expense as well as higher depreciation and royalties derived from production increase and write-offs of dry wells in Blocks 16-1, Vietnam.

The total net income for the 2nd quarter of year 2003 was Baht 3,550 million when compared with Baht 3,406 million from the same period last year.

PTTEP received dividend from Medco Energi and Thai Oil Power Company Limited in the amount of Baht 644 million and Baht 58 million, respectively.

Total consolidated assets, as of June 30, 2003 were Baht 86,693 million, up Baht 2,300 million, when compared with figures of December 31, 2002. Total liabilities were Baht 46,673 million, an increase of Baht 735 million due to the issue of an unsecured unsubordinated Baht Bond totaling Baht 2,500 million.

Dr. Chitrapongse Kwangsukstith stated, “In the second quarter, the sales volume and the average product price increased from the same period last year, all significantly contributed to the Company's rise in net income this quarter. “

“Regarding PTTEP domestic projects, negotiation on Arthit’s Head of Agreement has made progress. We believe it can be finalized within a few months. Moreover, the work programs of Blocks L22/43 and Block G4/43, which PTTEP were recently awarded from the Ministry of Energy , are being jointly developed with our partners.

“For overseas investment, the 3D seismic survey of Block 44, Oman has been conducted as planned. We expected to finish this program at the end of this year. In addition, PTTEP and SOCO Vietnam recently finished drilling the CNV-2XA well as part of the exploration program of Block 9-2 in Vietnam. The result of this well proved the thickness of the oil column but the drilling was implemented in the closed fracture system or ineffective opened fracture system which resulted in low oil flow rate. However, the additional well will be drilled in order to prove up the underlying resources. “

“Due to the constant rising of natural gas demand, PTTEP continued developing our existing domestic and overseas projects such as Arthit and JDA. For the JDA, we planned to accelerate the production start-up to 2008. Moreover, we are still seeking for more domestic and international E&P projects for the purpose of securing future Thailand’s gas demand growth during this sustainable economics recovery period.” Dr. Chitrapongse said.

“Recently, PTTEP received SET Awards 2003 that Money & Banking Magazine co-hosted with the Sto

PTTEP awarded 3 new domestic concessions

17-Jul-2003

On July 17, 2003, Dr. Chitrapongse Kwangsukstith, President of PTT Exploration & Production Public Company Limited (PTTEP) informed that PTTEP signed a Concession Agreement with the Department of Mineral Fuels, Ministry of Energy for interest with operatorship in the offshore Block G 9/43. PTTEP also signed two additional Concession Agreements to participate in offshore Block G 4/43 and onshore Block L 22/43. This was resulted from Thailand’s 18th Petroleum Bidding Round.

Block G 9/43 is part of Thai-Cambodian Overlapping Claims Area in the Gulf of Thailand. It is located off the coast of Surat Thani Province, covering eastern part of Pattani Basin approximately 2,619 square kilometers. This Block is identified as high petroleum potential region of natural gas and condensate since it is close to producing gas fields namely Trat, Funan and Gomin. PTTEP will be able to start operations after the resolution of the dispute between the two countries is concluded.

Dr. Chitrapongse said “ PTTEP, as the sole Thai exploration and production company, recognizes our mission to the country in securing petroleum reserves for long term growing national demand. The petroleum to be produced from this Block will also enhance Thailand’s energy stability in the next ten years.”

The offshore Block G 4/43 is located off the coast of Prachuap Khirikhan Province, in the Gulf of Thailand, with a total area of 9,686 square kilometers. The Block is identified as petroleum-rich region of both crude oil and natural gas. This Block is situated next to Block B 8/32, covering large crude oil and natural gas fields called Benchamas, Tantawan and Jamjuree, which is under production. Currently, Chevron (Offshore) Thailand Limited (Chevron) is the operator of Block B8/32 which currently produces approximately 55,000 barrels of crude oil per day (BOPD) and 200 million standard cubic feet of natural gas per day (MMSCFD). The Ministry of Energy awarded this new concession block to Chevron with PTTEP having its right to invest 15% participating interest in this block as a joint venture partner. Moreover, PTTEP might be able to increase an additional 15% participating interest upon proven block’s commerciality. By this agreement, The Company has committed to spend approximately US$ 3 million during the first three years of operations.

The onshore Block L22/43 covered the area of 3,632 square kilometers in Pitsanulok and Pichit Provinces. . This Block is identified as an oil prone region. Block L 22/43 is adjacent to Sirikit Oil field (Block S1), the largest onshore oil field in Thailand. S1 is now operated by Thai Shell Exploration and Production Company Limited. The Ministry of Energy awarded this new concession block to Thai Shell Company Limited (Thai Shell) with PTTEP having its right to invest 35% participation interest in this block as a joint venture partner. By this agreement, The Company has committed to spend approximately US$ 0.7 million during the first three years of operations.

Dr. Chitrapongse concluded “ Being partners in the offshore Block G4/43 and onshore Block L22/43 with Chevron and Thai Shell, PTTEP believes that it will guarantee Thailand uninterrupted petroleum supply as well as help increasing PTTEP’s oil portfolio for long term security of the country. Moreover, in the development phase of these two new blocks, we plan to share current facilities of Blocks B 8/32 and S1 which would significantly help saving operational expenses and production cost.

17 July 2003
For more information, please contact
External Relations Department
Charlie Charuvastr/ Bussaban Cheencharoen
Tel. 0-2537-4000

3 New Domestic Concessions Map

PTTEP Strengthening Corporate Governance

19-Jun-2003
PTT Exploration and Production Public Company Limited (PTTEP) put more effort to strengthening its corporate governance by introducing a specific 2-year campaign during June 2003 till June 2005.

PTTEP issued the written policy on Corporate Governance (CG) on May 31, 2001, and formally announced our compliance to the CG of PTTEP. As this policy has been effective for some time, PTTEP has recently incorporated its first revision with two main additions comprising Risk Management and Security Matters. Moreover, some other minor adjustments in the text of the policy have been made to improve clarity.

The company remains dedicated to strong CG at PTTEP. Our compliance to CG will be one of our Corporate Key Performance Indicators (KPIs), which will also serve as a factor when calculating PTTEP annual bonus payment. PTTEP realizes the importance of CG and has assigned a working team to be the lead function in strongly driving and strengthening CG at our company.

Dr. Chitrapongse Kwangsukstith, President of PTTEP said, “ We realize of the importance of Corporate Governance. We consider it as a major driving factor to establish an effective and transparent organization. We therefore arrange a specific 2-year campaign, from 2003 onwards to cultivate PTTEP staff’s realization on CG. We also would like to invite all stakeholders, including our shareholders, to visit the PTTEP website at www.pttep.com\corporate governance. We have posted the full text of our new revision of the CG of PTTEP, both in Thai and English versions in this website”

Stakeholders, including shareholders, who have any inquiry or suggestion concerning our corporate governance initiative, are warmly invited to contact us at our hotline Tel: 0-2537-449, Fax: 0-2537-4949 or our email address cghotline@pttep.com
June 19, 2003
External Relations Department

PTTEP profited in Q1 Due to increase in Sales of 1,405 million Baht

14-May-2003

Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP), announced the Company and its Subsidiaries’ year 2003 Q1 operating result. For the first quarter of 2003, the Company and its subsidiaries' total revenues were Baht 8,368 million, up 18 percent when compared with Baht 7,088 million from the first quarter of last year. The increase mainly resulted from the higher gas sale volumes, averaging 98,008 barrels of oil equivalent per day (BOE/D) compared with 90,759 BOE/D in the first quarter of 2002. Major contributor factor was higher gas sales volumes of Pailin Project at the average rate of 338 Million cubic feet per day (MMCFD) when compared with 144 MMCFD of last year as well as the higher gas sales volumes of Yetagun Project at the average rate of 263 MMCFD when compared with 147 MMCFD of last year, and the higher condensate sales volumes of Pailin at the average rate of 14,252 barrels per day, when compared with 6,189 barrels per day of last year. Moreover, the higher average product price of USD 20.70 per barrels of oil equivalent (BOE) when compared with USD 17.80/ BOE of the same period last year.

The Expense of the Company and its subsidiaries was Baht 3,707 million, up 34 percent, when compared with the expense of Baht 2,769 million from the first quarter of last year. This increase resulted from the write-offs of dry wells in Blocks 9-2 and 16-1, Vietnam as well as higher depreciation and royalties derived from production increase.

The total net income for the 1st quarter of year 2003 was Baht 2,594 million when compared with Baht 2,583 million from the same period last year.

In this quarter, PTTEP and its subsidiaries commenced recording a provision of decommissioning costs. The effect of this change decreased 2003’s beginning balance of retained earnings by 503 million. The Company also recognized a provision for liabilities as of March 31, 2003 for decommissioning costs expected to be incurred in the future amounting to Baht 3,609 million.

Total consolidated assets, as of March 31, 2003 were Baht 90,101million, up Baht 5,708 million, when compared with figures of December 31, 2002. Total liabilities were Baht 49,132 million, an increase of Baht 3,194 million due to the issue of an unsecured unsubordinated Baht Bond totaling Baht 2,500 million.

Dr. Chitrapongse Kwangsukstith stated, “In the first quarter, the sales volume and the average product price increased from the same period last year. However, the write-off of dry wells in Blocks 9-2 and 16-1 worth Baht 573 million, higher royalties and depreciation, all significantly contributed to the Company's minimal rise in net income this quarter. “

“For the short term plan, we have sufficient natural gas’ proved reserves from both operated and non-operated projects, in and out of Thailand, to supply the Country’s rising demand due to higher electricity consumption in the second quarter. At the same time, we continued developing our existing projects such as Arthit and JDA as well as searching for domestic and international E&P project for the purpose of securing future Thailand’s gas demand growth during this sustainable economics recovery period. “ Dr. Chitrapongse said.

May 14, 2003
For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel. +66 (02) 537-4000

PTTEP enters investment in Petroleum Exploration Project in Algeria to Secure Long-Term Oil Supply to Thailand

09-Apr-2003
PTT Exploration and Production Public Company Limited or PTTEP announces the Company is in the process of negotiation for joint venture participation in onshore petroleum exploration Blocks 433a and 416b in Algeria, North Africa, which are located near Touggourt in the southeast of Algeria covering an area of 6,472 square kilometers and about 50 kilometers from Hassi Messaoud, a large oil field which produces approximately 400,000 barrels of oil per day. The partners will be PetroVietnam Investment and Development Company (PIDC), the Operator, PTTEP, and Sonatrach (Algeria National Oil Company). The participation interest will be 40%, 35%, and 25% respectively.

The Company expects to spend, according to its participation interest, approximately USD 13 million for the first three years of the exploration phase, which will include seismic surveys and the drilling of 3 exploration and delineation wells. The participation in this Project will be valid after the effectiveness of the Production Sharing Contract (PSC) and the approval by the Algerian government.
Dr. Chitrapongse Kwangsukstith, President of PTTEP, said, “ Over the past few years, PTTEP has consistently implemented its policy in capturing long-term petroleum investment opportunities in other petroleum-rich regions in order to increase its oil portfolio and strengthen the Company’s capability. PTTEP working team has been set up to study the petroleum potential and business opportunity in North Africa and found that Algeria, a member of OPEC, is one of the countries full with oil and natural gas reserves in this region. The Algerian government encourages foreign investment and the country is ready to do more business with Asian countries. Subsequently, we sent our technical team to study the potential of Blocks 433a and 416b and found that these fields have low risk and surrounded by many oil production fields.”

PTTEP intends to actively participate in this investment. “ We will second our staff to work closely with PIDC which is the Operator of these Blocks. This would represent continuing closer ties and excellent cooperation between Thailand and the Socialist Republic of Vietnam in working together to expand petroleum business elsewhere in a different and challenging environment including opportunity in North African region”. Said, Dr. Chitrapongse Kwangsukstith.

At present, PTTEP has investment in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia and Malaysia, Union of Myanmar as well as Sultanate of Oman in the Middle East.

April 9,2003
For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel.0-2537-4000

PTTEP LAUNCHES INAUGURAL UNSECURED 15-YEAR Bht 2.5 BILLION BOND

11-Mar-2003
PTT Exploration and Production Public Co., Ltd. or PTTEP announces the issue of an inaugural, unsecured, unsubordinated 15-year maturity Bht 2.5 Billion bond. This is not only the first time that PTTEP has issued a 15-year bond, it is also unique in the history of the Thai bond market. The lead arranger is Barclays Capital Securities (Thailand) (Barclays Capital). The offer is scheduled for completion by the end of March 2003.

PTTEP is rated AA+ by the domestic agency, TRIS Rating, reflecting the Company's very healthy financial position, solid asset base and dominant position in the Thai petroleum exploration and production industry. International rating agency also assigns Baa3 and BBB+ from Moodys’ and S&P. PTTEP is also the only domestic operator to have established joint venture operations in the international arena.

Dr. Chitrapongse Kwangsukstith, PTTEP President mentioned “PTTEP is taking this step to further extend the company's borrowing profile and considers that current domestic bond market liquidity provides an appropriate environment for launching the bond at this time. The proceed of the debentures will be used to finance for the Company’s petroleum exploration, development and production projects and to be used as working capital. The Company is confident that the longer maturity of the issue and strong performance announced in the fiscal year 2002 results will combine to find favour with domestic institutional investors”.

Barclays Capital, as Lead Arranger of the Bond, is confident that the Issue will enjoy great popularity with institutional investors, emphasizing the competitive position the company occupies within the industry and its robust financial structure.
11 March 2003
Further information, please contact
Charlie Charuvastr or Bussaban Cheencharoen
External Relations Department
Tel:0-2537-4000

PTTEP announcing 2002 Financial Result and its 5-Year Plan

27-Feb-2003
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP) announced the Company 2002 financial performance result and 5-Year Plan at PTTEP Annual Press Conference today. He stated that PTTEP succeeded in continued supplying gas to Thailand in coping with rising imported oil prices during the Country’s economic recovery period.
Because of this strong potential, PTTEP was also able to maintain the same credit rating as the Royal Thai Government. Furthermore, PTTEP was awarded as one of the best Managed Companies by many recognized financial magazines such as Asiamoney, Finance Asia and Business Week magazines. The Company also received the BG Chairman’s HSE Awards in 2002 from BG Group. In addition, PTTEP was able to maintain its ISO 14001 Environmental Management System standard and ISRS, one of international HSE standards. Dr. Chitrapongse stressed that these recognitions reflected the high level of confidence in the Company’s performance, which would not have been possible without the continued supports from the various Government agencies, PTT Public Company Limited (PTT Plc.), partners and PTTEP employees.

Overview of Energy Market

Dr. Chitrapongse indicated during Thailand’s economic recovery period, The Country's power generation showed monthly average of 9,267 Gigawatt-hour (GWh) in 2002, an increase of 7 percent from 2001. Couple with increased usage of gas for power generation to substitute expensive imported oil, this gave rise to an increase of approximately 8 % in domestic gas consumption to an equivalent of 2,542 million standard cubic feet per day (MMSCFD).

Through its involvement in the 15 operated and non-operated joint ventures and 2 investment projects, today PTTEP gas supply amounted to 22% of total domestic gas consumption. Dr. Chitrapongse revealed that through existing projects and various investment opportunities under consideration this share of domestic petroleum supply could be increased in the near future.

Year 2002, Year of Success

Dr. Chitrapongse stated that Year 2002 was a very successful year for PTTEP in term of inbound and outbound exploration and production operations. The major activities are particularly:

1. Regarding Bongkot, PTTEP, the Operator, received the production license for Ton Rang from the Ministry of Industry. It also discovered 200 billion standard cubic feet of gas of additional reserves on Ton Sak structure.

2. Regarding Arthit, PTTEP completed 21-well drilling campaign with 13% below budget. Above all, the result also showed high potential gas reserves in the Arthit field equivalent to Bongkot at the same stage then.

3. The daily production rate of Pailin was increased from 165 to 330 MMSCFD.

4. PTTEP also signed a farm-out agreement with SOCO Vietnam, Ltd. (SOCO) to participate in two offshore exploration projects – Blocks 9-2 and 16-1 located off the coast of Vung Tau, Vietnam with 25% and 28.5% interests respectively.

5. In term of foreign investment, PTTEP acquired 100% interests and is Operator in the onshore exploration Blocks 44 in Oman
Apart from our strong commitment in striving for the best of our core business, PTTEP realized the importance of organization and human resources development couple with environment and social development. Last year, PTTEP has successfully and safely drilled and completed development wells through shallow gas zones on WP11 of Bongkot field. The gauged hole and low temperature cementing formulation technique are keys to the accomplishment. Moreover, PTTEP successfully applied new innovation in order to reduce cost in repairing tubings in slim hole monobore development wells using hydraulic workover unit. The workover of this nature is among the world first.

In term of social developmen

PTTEP officiated the Royal bestowed Named �PATHUMABAHA� of its New Condensate Vessel

25-Nov-2002

On November 25, 2002, the Board Directors of PTT Exploration and Production Public Company Limited (PTTEP), led by Mr. Manu Leopairote, Permanent Secretary, Ministry of Industry (third from right) and Mr. Cherdpong Siriwit, Permanent Secretary, Ministry of Energy; (third from left) presided over the Naming Ceremony of its new Condensate Vessel at Yantai, People's Republic of China. H.R.H. Princess Maha Chakri Sirindhorn recently bestowed the name “Pathumbaha” to this vessel. Members of PTTEP Board of Directors and its Senior Management together with Management of TOTALFINAELF, British Gas, the Japanese Contractor, Modec Inc. and the Chinese Construction Company, Yantai Raffles Shipyard Co., Ltd., also joined the celebrating ceremony.

This Condensate Vessel which is technically known as Floating Storage Offloading Vessel or FSO, has 400,000-barrel capacity. It will replace the current FSO served in Bongkot Gas Production Field in the Gulf of Thailand. PTTEP, the Operator of this field, will commission the vessel in late January 2003.

Currently, Bongkot Field, a part of Navamindra Petroleum Area, daily supplies 550 Million Standard Cubic Feet of Gas and 13,000 Barrels of Condensate to Thailand.

For more information, please contact
External Relations Department
Tel. 0 2537 4000

PTTEP Q3 Results Sales revenues increased Baht 827 million

15-Nov-2002
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP), announced the Company and its Subsidiaries’ year 2002 Q3 Financial Results. The total net income for the 3rd quarter this year was Baht 3,075 million or up Baht 88 million compared with Baht 2,987 million from the same period last year.

For the third quarter of 2002, the Company and its subsidiaries' total revenues were Baht 8,802 million, up 8 percent when compared with Baht 8,139 million from the third quarter of last year. The increase was mainly resulted from sales revenues of Baht 827 million even if the average product price in the 3rd quarter dropped from USD 18.94 of last year to USD 18.71 per barrels of oil equivalent per day (BOE/D). The petroleum sales volumes however increased to 115,560 BOE/D, compared with 95,721 BOE/D in the 3rd quarter of 2001. This increase was mainly the result of higher gas sales volumes from Pailin, Yadana and Yetagun Projects as well as condensate from Pailin Project.
Expenses of the Company before interest and tax and its subsidiaries in the 3rd quarter totaled Baht 3,832 million, up 20 percent when compared with Baht 3,200 million from the 3rd quarter last year. It is derived from weaken baht and higher depreciation related to investment in exploration and production assets.

For the nine-month period, total revenues for the Company and its subsidiaries were Baht 23,676 million, while total expenses before interest and tax were Baht 9,072 million. The total net income for the nine-month period were Baht 8,986 million, comparing to the total net income of Baht 8,455 million for the same period of last year.
Total consolidated assets as of September 30, 2002 were Baht 77,889 million, an increase of Baht 160 million when compared with total consolidated assets for the year ended December 31, 2001. The result was mainly from the investment in petroleum exploration and production assets. Total liabilities as of September 30, 2002 were Baht 41,914 million, down Baht 4,704 million when compared with figures of December 31, 2001 due to the prepayment of unsecured and unsubordinated bonds totaling Baht 4,000 million.

Dr. Chitrapongse Kwangsukstith stated, “Although the average product price in the 3rd quarter dropped slightly, PTTEP’s higher sales volume rose to 115,560 BOE/D which represented the highest volumes during the past two years. This has a positive affect on an increase in PTTEP total net income comparing to the same period last year. The increase was mainly from gas sales volumes from Pailin project up to 355 million cubic feet per day (MMCFD) and from Yadana Project up to 644 MMCFD.

“ In the 3rd quarter, PTTEP and the partners of Blocks 9-2 and 16-1 in Vietnam finished drilling the 1st exploration well in Block 9-2. The well was tested in basement granite formation between depth of 3,696 and 4,567 meters with a stabilized combined flow rate of approximately 2,500 barrels of crude oil per day and approximately 6.6 million cubic feet of gas per day. Moreover, we recently completed testing the second exploration well in Block 16-1. It was conducted between intervals of 2,086-2,490 meters from sandstone and granite basement, with flow rate of approximately 3,500 barrels per day of crude oil. These results are very satisfactory. The second well in Block 9-2 has been drilled and expects to complete in January 2003. Blocks 9-2 and 16-1 are verified as petroleum-rich fields. They are situated in Cuulong Basin and contiguous to the Bach Ho field, which is producing approximately 250,000 BOPD and 150 million cubic feet of gas per day, as well as the Rang Dong field, which currently produces approximately 65,000 BOPD.

“For domestic operating and joint ventures projects, we have speeded up in studying exploration drilling results of Arthit Field in the Gulf of Thailand which we plan to star

PTTEP announced Petroleum Discovery On the first Exploration Well of Block 9-2 in Vietnam

24-Sep-2002
PTT Exploration and Production Public Company Limited or PTTEP announced the first petroleum discovery on Block 9-2, located off the coast of Vung Tau City, Vietnam.

PTTEP’s subsidiaries; PTTEP Hoan Vu Co., Ltd. and PTTEP Hoang Long Co., Ltd., signed a farm-out agreement in February this year with SOCO Vietnam, Ltd. or SOCO, an affiliate of SOCO International Plc. which is an international oil and gas exploration and production company listed in the London Stock Exchange, to participate in two offshore exploration projects – Blocks 9-2 and 16-1 in Vietnam. PTTEP Hoan Vu Co., Ltd. holds 25 % in Block 9-2 while PTTEP Hoang Long Co., Ltd. holds 15 % in Block 16-1. (This 15% interest will be increased to 28.5% subject to Vietnamese Government’s approval)

After successful drilling of the first exploration well on Block 16-1, the Joint Operating Companies therefore drilled the first exploration well named 09-2-CNV-1X on Block 9-2 at a total depth of 4,567 meters with oil discovery. The well was tested in basement granite formation between depth of 3,696 and 4,567 meters with a stabilized combined flow rate of approximately 2,500 barrels of crude oil per day and approximately 6.6 million cubic feet of gas per day through 0.75-inch choke size. The natural flow test was conducted over a 36-hour period without any stimulation. In addition, the oil shows were found in upper sand stone, which is above the basement granite, of which the final test is being conducted.

Block 9-2 covers approximately 1,370 square kilometers. Hoan Vu Joint Operating Company, the Operator, previously conducted the 3D Seismic Survey covering 650 square kilometers of this block. The joint ventures companies comprise of PTTEP Hoan Vu Co., Ltd., a wholly owned subsidiary of PTTEP Offshore Investment Co., Ltd., holds 25% interest in Block 9-2. The other joint venture partners are Petrovietnam Exploration and Production, a subsidiary of Petrovietnam and SOCO Vietnam Ltd.

September 24, 2002
For more information, please contact
Achara Vorra-dharmapinich/ Bussaban Cheencharoen
External Relations Department
66-2-5374000

PTTEP Q2 Results Net income increased Baht 271 million

14-Aug-2002
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP), announced the Company and its Subsidiaries’ year 2002 Q2 Financial Results. The total net income for the 2nd quarter of year 2002 was Baht 3,340 million or up Baht 271 million compared with Baht 3,069 million from the same period last year.

For the second quarter of 2002, the Company and its subsidiaries' total revenues were Baht 8,426 million, up 10 percent when compared with Baht 7,638 million from the second quarter of last year. The increase was mainly resulted from foreign exchange gain worth Baht 644 million and sales revenues of Baht 73 million. The average product price in the 2nd quarter dropped to USD 18.10 per barrels of oil equivalent (BOE) compared with USD 18.96 per BOE of the same period last year.

However, the petroleum sale volumes increased to 101,635 barrels of oil equivalent per day (BOE/D), the highest volumes within this year, compared with 92,648 BOE/D in the 2nd quarter of 2001. This increase was mainly the result of higher gas sales volumes from Bongkot Yadana and Yetagun Projects as well as condensate from Pailin Project.
Expenses of the Company and its subsidiaries in the 2nd quarter totaled Baht 3,093 million, up 20 percent when compared with Baht 2,569 million from the 2nd quarter last year. It is derived from higher production expenses, higher depreciation related to exploration and production properties.
Total consolidated assets as of June 30, 2002 were Baht 72,539 million, a decrease of Baht 5,190 million when compared with total consolidated assets for the year ended December 31, 2001. Total liabilities as of June 30, 2002 were Baht 39,866 million, down Baht 6,752 million when compared with figures of December 31, 2001. The result was mainly from the prepayment of unsecured and unsubordinated bonds totaling Baht 4,000 million and income tax payment totaled Baht 3,927 million.

Dr. Chitrapongse Kwangsukstith stated, “Although the average product price in the 2nd quarter dropped down slightly, PTTEP’s net income crossed to opposite direction. It is rendered by the higher production volume of 101,635 BOE/D which represented the highest volumes during the past two years when compared to the 2001 average production volumes of 91,623 BOE/D or up approximately 10,000 BOE/D.”

“For domestic operating and joint ventures projects, we have speeded up in studying Arthit Field’s exploration drilling results which completed at the beginning of this year. The gas from Arthit Field will serve Thailand’s rising gas demand in the near future. We expect to start up production in 2006 however it is subject to national gas demand at that time. In addition, Pailin project has already increased its gas production from averaging 165 MMSCFD to 330 MMSCFD in the 2nd quarter.”

“ For overseas exploration and production activities, PTTEP and the partners of Block 16-2 in Vietnam finished drilling the 1st exploration well. The drilling result was satisfactory. The second well in Block 9-1 has been drilled and expects to complete in late of 3rd quarter or early of 4th quarter. “

“ About Medco Energi’s 1st Q financial results, its net profit was USD 27.4 million, up 45% when compared to USD 18.9 million of the same period last year. Concerning its 6-month exploration activities, Medco Energi had drilled exploration wells in 3 dominant fields as below:

1. Senoro-Toili JOB Medco Energi owned 50% interest in this block while Pertamina owned another 50%. The joint venture partners successfully drilled Senoro-3 exploratory well, located in the southern part of high Senoro gas field, and discovered gas potential. The in-house reserves assessment was made for the whole Senoro field. The proved oil reserves were 3.6 Million barrels of oil, proved gas reserves were

PTTEP Signs Exploration Block 44 in Oman: The First Step in its Middle East Long Term Strategy

22-Jul-2002
PTT Exploration and Production Public Company Limited or PTTEP announces that on July 21, 2002, its affiliated company; PTTEP Middle East Company Limited (PTTEP ME), signed an Exploration & Production Sharing Agreement with the Sultanate of Oman’s Ministry of Oil and Gas for 100% interests in the onshore exploration Blocks 44.

Block 44 covers approximately 1,162 square kilometers. It is located about 300 kilometers west from Muscat, the capital of Oman, and near an oil field called Safah which is currently producing approximately 30,000- 40,000 barrels per day. The committed exploration program consists of 2D seismic survey and technical study in the 1st and 2nd year, and an exploration well in the 3rd year. PTTEP plan to spend at least USD 9 millions as financial commitment during this exploration period.

Dr. Chitrapongse Kwangsukstith, President of PTTEP, said, “With 17 years of petroleum exploration and production experience, PTTEP is now a key producer in Thailand with successful investment in neighboring countries such as Myanmar, Malaysia, Vietnam and Indonesia. While we can enjoy the near and medium term growth from these domestic and regional investments, the Company have to consider other opportunities for the longer term. The oil rich Middle East region has always been on the top list of E&P companies. Block 44, not only has good petroleum potential, but also provides us the opportunity to work in different environment and enable us to capture future opportunities in that region.

“Over the past 2 years, we have studied the E&P activities in Oman and developed a close and cooperative relationship with the Ministry of Oil and Gas. Regional study was performed and Block 44 was identified as the best available prospect for exploration. We are very excited to be selected as the Operator and will mobilize our experienced staffs to work in PTTEP ME
Operating Office in Muscat soon. We wish to express our heart felt thanks and appreciation to Ministry of Oil and Gas, Sultanate of Oman and pledge to work closely with the Ministry in years to come.“ said Dr. Chitrapongse Kwangsukstith.

In 2001, Oman was the second largest source of crude oil for Thailand and accounted for 22% of the country ‘s imported crude bill.

Photo showed Dr. Chitrapongse Kwangsukstith, President of PTTEP (Left) signed the Exploration and Production Sharing Agreement for 100% interests in the onshore exploration Blocks 44. with Dr. Mohammed Hamed Saif Al. Rumhy, Omani Minister of Oil and Gas (Right) in Muscat, the Capital of Oman on July 21, 2002.

22 July 2002
For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel.0-2537-4000

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01-Jun-2002
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PTTEP Q1 Results Net income increased 170 million Baht

15-May-2002
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP), announced the Company and its Subsidiaries’ year 2002 Q1 operating result. The total net income for the 1st quarter of year 2002 was Baht 2,570 million or up Baht 170 million compared with Baht 2,400 million from the same period last year.

For the first quarter of 2002, the Company and its subsidiaries' total revenues were Baht 7,039 million, down 0.5 percent when compared with Baht 7,074 million from the first quarter of last year. The decrease mainly resulted from the lower average product price of USD 17.80 per barrels of oil equivalent (BOE) Compared with USD 19.12 / BOE of the same period last year and lower gas sale volumes, averaging 90,759 barrels of oil equivalent per day (BOE/D) compared with 91,899 BOE/D in the first quarter of 2001. This decrease was mainly the result of lower condensate sales volumes of Bongkot and Pailin Projects and the lower crude oil sales volumes of S1 Project.
Expenses of the Company and its subsidiaries totaled Baht 2,739 million, down 2.18 percent when compared with Baht 2,800 million from the first quarter last year.

Total consolidated assets as of March 31, 2002 were Baht 76,975 million, a decrease of Baht 737 million when compared with total consolidated assets for the year ended December 31, 2001. Total liabilities as of March 31, 2002 were Baht 43,432 million, down Baht 3,162 million when compared with figures of December 31, 2001. The result was mainly from the advanced payment of Baht Bond totaling 4,000 million baht and investment in exploration and production assets in Bongkot and Palin Projects.

“Dr. Chitrapongse Kwangsukstith stated, “In the first quarter, our net income met the target although we were affected from the lower product price. Moreover, PTTEP also received the net income from Medco Energi worth 78 million baht which was already included in this quarter.”
“At mid year 2002, Pailin project will increase its gas production from averaging 165 MMSCFD to 330 MMSCFD to support higher domestic gas demand. Also, in the next 9 months, we plan to install more production platforms in Bongkot Project to maintain the production rate of 550 MMSCFD as per contract. In addition, PTTEP will accelerate gas production from projects of which PTTEP is operator and partner to meet future demand of natural gas utilization.

“As for oversea petroleum activities, PTTEP and the partners plan to drill exploration wells in Blocks 9-1 and 16-2 in Vietnam, both have high potential petroleum and we expect the drilling to complete soon. In addition, PTTEP also eyes on E&P investments elsewhere in the Southeast Asian Region such as Vietnam and Indonesia as well as in Middle East to secure petroleum reserves in the long run.” Dr. Chitrapongse said.

May 15, 2002

For more information, please contact
Charlie Charuvastr/ Monrat Ittichai
External Relations Department
Tel. (02) 537-4000

PTTEP joined Medco MBO meeting in Jakarta

01-Apr-2002
Recently, Dr. Chitrapongse Kwangsukstith , President of PTT Exploration & Production Public Company Limited (PTTEP), accompanied by Mr. Tevin Vongvanich , Senior Vice President, New Projects Division and other PTTEP Management joined PT. Medco Energi Internasional Tbk. ’s Annual Management by Objective Meeting in Jakarta, Indonesia. On this occasion, PTTEP was introduced to Indonesian Industry and local media as strategic partner of Medco.

Last year, PTTEP invested 34 % in Indonesian PT Medco Energy Internasional Tbk. This investment is related to the Company’s strategy in expanding business internationally in a high petroleum potential country, especially in oil projects. It will also allow PTTEP to participate in both management and operational levels. In addition, it will provide PTTEP a strategic alliance for future growth in Indonesia and enable PTTEP to secure long term crude supply to Thailand.

External Relations Department
Tel. 0-2537-4000

PTTEP announcing 2001 performance result and Five-Year Plan Strategy

28-Feb-2002
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP) announced 2001 performance result and 5-Year Plan at today’s PTTEP Annual Press Conference.

He stated that PTTEP succeeded in its effort to maintain high level of gas production to assist the country to cope with rising imported oil prices during the country’s economic recovery period. At the same time, PTTEP was also able to maintain the same credit rating as the Royal Thai Government.

Furthermore, PTTEP was selected as “One of the Best Managed Companies ” by many recognized financial magazines such as Euromoney and Asiamoney magazines and also received the BG Chairman’s HSE Awards in 2001 from BG Group. In addition, PTTEP was awarded ISO 14001 Environmental Management System Certification, on 2 additional operations: Exploration and Production of natural gas and condensate in the Bongkot Field, Gulf of Thailand and Songkhla Logistics Base operations in support of the offshore exploration and production operations in Songkhla Province, by AJA EQS (Thailand) Ltd. To date, PTTEP’s Songkhla Logistics Base Operations is the first stand-alone onshore logistics operation for offshore petroleum exploration and production in South East Asia to receive ISO 14001 certification.

Dr. Chitrapongse stressed that these recognition reflected the high level of confidence in the Company’s performance, which would not have been possible without the continued supports from the various Governmental agencies, PTT Public Company Limited (PTT Plc.), partners and PTTEP employees.

Overview of Energy Market

Dr. Chitrapongse indicated that during Thailand’s economic recovery period, the country’s power consumption showed an increase of 5.4 percent from 1999 or 8,654 GWh. Couple with increased usage of gas for power generation to substitute expensive imported oil, this gave rise to an increase of 15.4 % in domestic gas consumption or an equivalent of 2,344 million standard cubic feet per day (MMSCFD).

Through its involvement in the 17 operated and non-operated joint ventures, PTTEP total supply amounted to 20% of total domestic supply of petroleum or approximately 99,100 Barrels of Oil Equivalent per day (BOE/D). Dr. Chitrapongse revealed that through various investment opportunities under consideration this share of domestic petroleum supply could increase significantly in the near future.

Year 2001, The year of Success

Dr. Chitrapongse stated that Year 2001 was a very successful year for PTTEP in term of exploration and production operations, particularly regarding the completion of Arthit Field’s 21-well drilling campaign with 13% belowed budget. Above all, The result also showed high potential gas reserves in the Arthit field equivalent to Bongkot in the same exploration stage.

Regarding Bongkot, His Majesty the King has graciously bestowed the name Navamindra Petroleum Area to production licensed area in Bongkot and Arthit concessions. PTTEP also broke the cumulative gas sales record from Bongkot Field to PTT Plc. reached 1 Trillion Cubic Feet (TCF) in February 2001, since the production start up in 1993. PTTEP was able to maintain production level at the average rate of 567 MMSCFD in accordance with the Gas Sales Agreement. Furthermore, PTT Plc. has agreed to take additional volume of sales gas from Bongkot field in an amount equivalent to 11,600 MMCF during the period of August 2001 to June this year.

In term of foreign investment, PTTEP invested 34 % in Indonesian PT Medco Energy Internasional Tbk. The reason is that Indonesia is the richest country in petroleum potential in the Southeast Asian region. This investment is related to the Company’s strategy in expanding business internationally in a high petroleum potential coun

PTTEP expands Offshore Exploration Investment in Vietnam

14-Feb-2002
PTT Exploration and Production Public Company Limited or PTTEP announces that on February 13, 2002, its subsidiaries; PTTEP Hoan Vu Co., Ltd. and PTTEP Hoang Long Co., Ltd., signed a farm-out agreement with SOCO Vietnam, Ltd. (SOCO) to participate in two offshore exploration projects – Blocks 9-2 and 16-1 located off the coast of Vung Tau City, Vietnam. SOCO is an affiliate of SOCO International Plc.- an international oil and gas exploration and production company listed in the London Stock Exchange.

Block 9-2 covers approximately 1,370 square kilometers. Hoan Vu Joint Operating Company, the Operator, conducted the 3D Seismic Survey covering 650 square kilometers of this block. After the acquisition, PTTEP Hoan Vu Co., Ltd., a wholly owned subsidiary of PTTEP Offshore Investment Co., Ltd., will hold a 25 % interest in Block 9-2. The other joint venture partners are Petrovietnam Exploration and Production, a subsidiary of Petrovietnam and SOCO Vietnam Ltd.

Block 16-1 covers approximately 3,350 square kilometers. Hoang Long Joint Operating Company, the Operator, conducted the 3D Seismic Survey covering 655 square kilometers of this block. After the acquisition, PTTEP Hoang Long Co., Ltd., a wholly owned subsidiary of PTTEP Offshore Investment Co., Ltd., will hold a 15% interest in Blocks 16-1. The other joint venture partners are Petrovietnam Exploration and Production, a subsidiary of Petrovietnam, Amerada Hess Vietnam Limited, SOCO Vietnam Ltd. and OPECO Vietnam, Ltd.

The agreement will become fully effective upon receiving approval from Petrovietnam and the Vietnamese Government. By this agreement, PTTEP has committed to spend up to US$ 50 million during 2002-2003 to drill four exploration wells, starting in May 2002 with expected completion in the first quarter of 2003.

Dr. Chitrapongse Kwangsukstith, President of PTTEP, revealed “We are very excited to take part in the offshore exploration investment of Block 9-2 and 16-1 in Vietnam. This investment is part of PTTEP ‘s growth strategy to expand its investment in exploration and production activities in South East Asia. In Vietnam, PTTEP already participated in the Offshore Southwest Vietnam Project along with

Unocal Thailand Ltd. and Moeco Thailand Co., Ltd. in 2000. Participating in Offshore Blocks 9-2 and 16-1, which is believed to possess high potential crude oil discovery, represents another important milestone for PTTEP to expand its exploration and production activity into Vietnam’s offshore region. PTTEP has worked on the opportunity to invest in these blocks since 1995 and has received excellent cooperation from Petrovietnam and SOCO.”

“ PTTEP will second its staff to work in the two joint operating companies at management and operational levels to share knowledge and experience in petroleum exploration development in Thailand and Vietnam. I am very confident this investment will be successful and will eventually enable PTTEP to increase its crude oil reserves in the future” said Dr. Chitrapongse Kwangsukstith.

Blocks 9-1 and 16-2 Map

14 February 2002

For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel.0-2537-4000

PTTEP Successful in Arthit Drilling Campaign Significant gas and condensate discoveries found in Exploration and Appraisal Wells

05-Feb-2002
PTT Exploration & Production Public Company Limited (PTTEP) announced that the Company has successfully completed its Arthit Field’s second drilling campaign of 14 wells with great success.

The Arthit Field, currently in its exploration stage, is located 250 kilometers east of Songkhla, and comprises blocks B14A, B15A and B16A. PTTEP conducted the 3-D Seismic Survey for the entire area in 1998. In 1999 and 2000, the Company drilled seven exploratory wells during the first drilling campaign in B15A and B16A. Drilling results confirmed positive discovery of gas and condensate. The company proceeded with drilling an additional 11 exploratory and appraisal wells in the second drilling campaign in 2001. With encouraging results, the Company decided to continue drilling additional gas and condensate wells. In total, PTTEP drilled 14 exploratory and appraisal wells in this campaign.

All but one well out of the 21 exploratory and appraisal wells in both campaigns proved to be successful gas and condensate wells. Detailed results from the most recent 14 wells drilled in 2001 and 2002 are as follows:

B16A

Two exploratory wells have been drilled, with gas sand thickness ranging between 48 and 52 meters. Test rates yielded gas at the combined flow rates per well between 14.2 and 15 million standard cubic feet per day (MMSCFD), plus 213 to 472 barrels of condensate per day.

B15A

Six exploratory and appraisal wells have been drilled, with gas sand thickness ranging between 18 to 83 meters. Test rates yielded gas at the combined flow rates per well between 18.5 and 29.4 MMSCFD, and condensate at 324 to 680 barrels per day.

B14A

Four exploratory and two appraisal wells have been drilled, with only one well being identified as non-commercial. The remaining five wells proved to be productive, with gas sand thickness ranging between 13 to 55 meters. Test rates yielded gas at the combined flow rates per well between 6.8 and 53 MMSCFD and condensate at 67 to 760 barrels per day. Notably, crude oil sand was also discovered at well Arthit-14-5. The test rates indicated the flow rate that reached 2,826 barrels of oil per day.

Dr. Chitrapongse Kwangsukstith, the PTTEP President, stated, “Our discovery has shown that the Arthit Field contains a significant amount of gas and condensate reserves. Initial promising results from our first 11 wells in this second drilling campaign encouraged us to continue with three more wells. And we are very enthusiastic that these discoveries remain integral to our continued and concerted efforts to ensure that Thailand has access to long-term, clean and environmentally-friendly natural gas.”

The PTTEP President continued, “Not only has the success of this drilling campaign confirmed the significant presence of hydrocarbons in the exploration stage of Arthit Field equivalent to Bongkot, it has also highlighted PTTEP’s outstanding capabilities as a competitive Thai Operator in the Gulf of Thailand. Evidence of this lies in the remarkable improvements we have made in our drilling technology—when drilling, we now require less time, incur lower costs, and yet achieve higher performance. We remain firmly committed to developing Thailand’s petroleum resources, particularly so that the nation can reduce expensive imports, become ever more self-reliant, and ensure prosperity for the Thai people.”

To satisfy Thailand’s domestic energy demands, PTTEP, for more than 16 years, has conducted its core business of petroleum exploration and production, both onshore and offshore of Thailand and neighboring countries, including Indonesia, Malaysia and the Union of Myanmar. Owned and operated by Thais, PTTEP is also the first Thai, full-scale Operator in exploration, development and production of petroleum resources. The company is the Oper

PTTEP hosts the �Navamindra, the Fortitude of the Land� Exhibition, in tribute to His Majesty the King

29-Jan-2002
PTT Exploration and Production, Public Company Limited or PTTEP is asking all Thais to visit the “Navamindra, the Fortitude of the Land” Exhibition organized in tribute to the great wisdom and initiatives of His Majesty the King.

On the auspicious occasion that His Majesty the King graciously bestowed the name “Navamindra Petroleum Area” to PTTEP’ s producing areas of Bongkot Project, the largest natural gas resource in the Gulf of Thailand, and Arthit Project on PTTEP’s 15th anniversary celebration 2000, the “ Navamindra, the Fortitude of the Land” Exhibition is being held on the first floor of PTTEP Office Building. The Opening Ceremony will be graciously presided over by, H.E. Dr. Chaovana Nasylvanta, Privy Councilor.

Arranged in four zones, the “Navamindra, the Fortitude of the Land” exhibition features fascinating hi-tech manifestation of His Majesty the King’s great wisdom and initiatives in energy development. Beginning is Zone 1 which starts off the journey and leads into Zone 2 displaying the royally-initiated Alternative Energy Projects of Gasohol Production, Desohol Production, etc. Zone 3 offers a rare opportunity for visitors to experience life on the offshore natural gas production platform in the Gulf of Thailand through Exhibition simulations. The journey ends at Zone 4 which illustrates how PTTEP operates in a way that helps protect Health, Safety and the Environment.

Since its established in 1985, PTTEP has been engaged in domestic and overseas operation of both onshore and offshore exploration and production of petroleum reserves designed to help develop the country by bringinh petroleum, especially clean and environmental-friendly natural gas to serve the country’s gas demand in long-term, and to reduce dependency on foreign energy imports.

PTTEP has a deeply felt corporate policy toward Health, Safety, and Environment, which is reflected by PTTEP’s policy that stipulate implementation of all necessary measures to safeguard health, safety, and environment in regard to PTTEP’s employees and property, contractors, as well as the public and the ecosystems. This concerted drive has resulted in PTTEP being awarded with the ISO 14001 certification for Environment Management Systems at Bongkot Fields, Gulf of Thailand and Songkhla Logistics Base on December 19, 2001. To date, the Songkhla Logistics Base is the first stand-alone onshore logistics operation for offshore petroleum exploration and production in South East Asia to obtain ISO 14001 certification.

Moreover, PTTEP has marked another two milestones that it can be proud of -- being recognized as the first Exploration and Production company in South East Asia at PTTEP1 oil field and the first Building Management and Maintenance in Thailand at the PTTEP Office Building to receive ISO 14001 certification.

We would like to invite you all to visit our fascinating exhibition “ Navamindra: the Fortitude of the Land” during January 29 – February 7, 2002 at first floor of the PTTEP Office Building, from 09.00 – 17.00 hrs. (Except Saturday and Sunday).

29 January, 2002

Further information, please contact
External Relations Department
Charlie Charuvastr/Bussaban Cheencharoen
Tel. 02537-4000

His Majesty the King has graciously bestowed the name �Navamindra Petroleum Area� To PTT Exploration and Production Public Company Limited For the Producing Area of Bongkot and Arthit Projects

03-Dec-2001

His Majesty the King graciously bestowed the name “Navamindra Petroleum Area” for the producing area of Bongkot and Arthit Projects on the occasion that PTT Exploration and Production Public Co., Ltd., the only Thai Exploration and Production Company, has conducted its business for the benefit of Thailand for 15 years in 2000.

Currently, PTTEP conducts its Exploration and Production Business both onshore and offshore of Thailand and foreign countries, such as Indonesia Malaysia and the Union of Myanmar, in providing petroleum for domestic energy demand.

In Thailand, PTTEP conducts E&P activities as Operator on 2 major and adjacent gas fields namely Bongkot and Arthit Fields. These high-potential fields, awarded by Ministry of Industry, have the area of approximately 7,800 square kilometers offshore. Bongkot Field, the largest gas field in the Gulf of Thailand, was discovered and lately started up production in 1993. At present, PTTEP is the Operator of this largest gas field. TotalFinaElf transferred the operatorship to PTTEP since 1 July 1998. The Bongkot Field currently produces approximately 550 Million Cubic Feet per day of gas and 17,000 barrels per day of condensate, equivalent to 35% of Thailand’s natural gas demand.

Apart from this, PTTEP is also the Operator of Arthit Project, an exploration field next to Bongkot Project. The Company completed the 1st Drilling Campaign of 7 exploratory wells and has been conducting the 2nd Drilling campaign of 10 more wells, which is expected to complete in early 2002. The results confirmed positive discovery of gas and condensate that represents its high potential to be developed and produced for serving higher domestic demand in the future. Both projects, run by Thai company, are very crucial to Thai economic and petroleum resources.

PTTEP is deeply honored and extremely proud to have received the name “ Navamindra Petroleum Area” graciously bestowed by his Majesty the King. We remain committed to continue exploring, developing and producing Thailand's petroleum reserves to the best of our ability, thus enabling the nation to utilize its own petroleum resources, reduce imported products and contribute significantly to country's self-reliance for the benefit of the Thai people.

In tribute to his Majesty the King’s grace and fame, PTTEP will organize an exhibition called Navamindra-The Strength of Nation at PTTEP Building from 29 January to 7 February 2002. We ask for Thais to join in order to appreciate his great wisdom and to get knowledge of PTTEP E&P business. The exhibition will be opened daily during office hour except weekend and free of charge. We would like to invite you all to join us.

3 December 2001
For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel.537-4000

PTTEP Q3 Total Net Income Baht 2,866 million

14-Nov-2001
Dr.Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP), disclosed the Company and its Subsidiaries’ Q3 result. The total net income for 3rd quarter ending 30 September 2001 was Baht 2,866 million or up Baht 1,545 million when compared with Baht 1,321 million from the same period of last year.

For the 3rd quarter of 2001, the Company and its subsidiaries' total revenues were Baht 8,353 million, up Baht 2,582 million when compared with Baht 5,771 million from the 3rd quarter of last year. The increase was mainly due to higher gas sales volume, which averaged 95,721 barrels of oil equivalent per day (BOE/D) compared with approximately 78,728 BOE/D in the 3rd quarter of 2000. This increase volume derived from Bongkot, Yadana and Yetagun Projects. However, the average product price has lowered from USD 18.96/ BOE of the same period last year to USD 18.94/ BOE.

In the 3rd quarter of this year, total expenses of the Company and its subsidiaries were Baht 4,114 million, up Baht 469 million when compared with Baht 3,645 million from the 3rd quarter of last year. The increase was mainly due to higher production expenses, depreciation and royalties related to increase in production volume and payment transaction recorded as other expenses in Bongkot Project to compensate PTT Public Company Limited for waiving right to exercise the volume of gas purchased in excess of the contractual volume (Carry Forward Gas) in order to reduce the future gas off take from the daily contractual volume.

For the nine-month period, total revenues for the Company and its subsidiaries were Baht 23,661 million, while expenses were Baht 10,803 million. The total net income for the nine-month period were Baht 8,680 million comparing to the total net income of Baht 3,355 million from the same period last year.

Total consolidated assets as of 30 September 2001, were Baht 73,008 million, an increase of Baht 8,635 million when compared with total consolidated assets as of 31 December 2000. This was mainly due to the increase in net cashflow. Total liabilities were Baht 43,460 million, down Baht 45 million when compared with total liabilities as of 31 December 2000.

“PTTEP realizes of its responsibility as the sole Thai Petroleum Exploration and Production Company to secure the national energy demand and to rely less on expensive imported petroleum. We are making progress in finding natural gas from indigenous resources by conducting the rest of the 2nd drilling campaign of Arthit Field. We found high hydrocarbon potential in the first 5 of 10 wells of this exploration drilling campaign. The result of the first drilling campaign yielded its hydrocarbon potential as well. We expected to finish the 2nd Drilling Campaign at the beginning of next year.” Dr. Chitrapongse stated.

He also mentioned about recent PTTEP-Medco Acquisition “PTTEP puts more efforts in enhancing participation in international E&P activities. Recently, PTTEP agreed to buy ordinary shares of New Links Energy Resources Limited, which owns approximately 85.44% shares of PT Medco Energi Internasional Tbk. (Medco). After the transaction completed, PTTEP will own about 34% in Medco. Medco is now involved in the upstream oil and gas exploration and production in Indonesia, covering the major areas such as Sumatra, Kalimantan, Sulawesi, Java, and Madura. Indonesia is the richest country in petroleum potential in this region. This investment is related to the Company’s strategy in expanding business internationally in a high petroleum potential country, especially in oil projects. We had studied all documents to evaluate its commercialization and legal data for a considerable period. We carefully considered the investment criteria i.e. asset value, market condition, investment risk and political risk in comparison with price and return on investme

PTTEP discovered High Hydrocarbon Potential In the first half of 2nd Exploration Drilling Campaign

04-Oct-2001
PTT Exploration and Production Public Co., Ltd. (PTTEP), the Operator of Arthit Field in the Gulf of Thailand, announced today that the Company successfully discovered high hydrocarbon potential in the first 5 of 10 wells in the second exploration drilling campaign.

Located in B 14A, 15A and 16A in the Gulf of Thailand, the discovery area is 35 kilometers northeast of the Bongkot field, the largest natural gas field in the Gulf of Thailand, also operated by PTTEP.

After PTTEP drilled the seven exploratory wells in the first drilling campaign in 1999-2000. The drilling results confirmed positive discovery of gas and condensate, encouraging PTTEP to continue another campaign. The Company therefore defined the core acreage to drill more 10 exploratory wells in its 2nd drilling campaign this year.

The result of the first 5 test wells of this campaign are as below:
1. Arthit-16-2x, spudded on 31 May 2001, was successful with a total gas sand thickness of 39 meters. Testing of the combined flow rate showed 14 MMSCFD plus 472 barrels per day of condensate.
2. Arthit16-3X, spudded on 26 June 2001, was successful with total gas sand thickness of 68 meters. Testing of the combined flow rate showed 15 MMSCFD plus 213 barrels per day of condensate.
3. Arthit14-1X, spudded on 27 July 2001, was successful with total gas sand thickness of 35 meters. Testing of the combined flow rate showed 32 MMSCFD plus high flow rate of condensate 760 barrels per day
4. Arthit14-2X, spudded on 20 August 2001, was declared non-commercial.
5. Arthit14-3X, spuded on 26 August 2001, was successful with total gas sand thickness of 55 meters. Testing of the combined flow rate showed 53 MMSCFD plus 232 barrels per day of condensate.

Chitrapongse Kwangsukstith, PTTEP President said, “The success performance and results from the first half of this campaign not only proved the high potential of hydrocarbons in Arthit Field’s core area but also proved the capabilities of PTTEP as competitive Thai operator in the Gulf of Thailand. We have definite improvement in term of less time, low cost and high performance”
PTTEP holds 80 percent of Arthit Project. Other joint venture partners are Unocal Thailand, Ltd. (16%) and Mitsui Oil Exploration (4%).

“ In Arthit 14-1x, we found a high yield of liquid hydrocarbons. PTTEP therefore planned to enlarge the campaign by further drilling activities after finishing the second drilling campaign. It is also aimed at proving core area to define conceptual study in order to assure that there will be more indigenous and environmental-friendly natural gas supply for Thailand. In this drilling campaign, the Trident 15 Drilling Rig will be moved to drill exploration wells in Southern Area of Bongkot Field. The synergy of rig usage is for operational cost reduction " Chitrapongse concluded.

PTTEP has been serving the country with the pride of national petroleum exploration and production company for 16 years. PTTEP is the Operator of Bongkot Gas Field, the largest natural gas field in the Gulf of Thailand, which supplies 35% of National gas demand.

4 October, 2001
Further information, please contact
External Relations Department
Charlie Charuvastr/Bussaban Cheencharoen
Tel. 537-4000

PTTEP Q2 Production Volume surged to 14,134 Barrels of Oil Equivalent

14-Aug-2001
Dr.Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP), disclosed the Company and its Subsidiaries’ Q2 result. The total net profit for 2nd quarter was Baht 3,148 million or up Baht 1,918 million when compared with Baht 1,230 million from the same period of last year.

For the second quarter of 2001, the Company and its subsidiaries' total revenues were Baht 8,062 million, up Baht 2,991 million when compared with Baht 5,071 million from the second quarter of last year. The increase was mainly due to higher gas sales volume, which averaged 92,648 barrels of oil equivalent per day (BOE/D) compared with approximately 78,514 BOE/D in the second quarter of 2000. This increase volume derived from Yadana, Yetagun and Pailin Projects. The average product price has also increased from USD 18.05/ BOE of the same period last year to USD 18.96/ BOE.

Total expenses of the Company and its subsidiaries were Baht 3,438 million, up Baht 752 million when compared with Baht 2,686 million from the second quarter last year. The increase was mainly due to higher production expenses, depreciation and royalties related to increase in production volume.
For the six-month period, total revenues for the company and its subsidiaries were Baht 15,330 million, while expenses were Baht 6,712 million. The total net income for the six-month period were Baht 5,814 million comparing to the total net income of Baht 2,034 million for the same period last year.

Total consolidated assets as of June 30, 2001, were Baht 68,805 million, an increase of Baht 4,432 million when compared with total consolidated assets as of December 31, 2000. Total liabilities as of June 30, 2001, were Baht 42,124 million, down Baht 1,381 million when compared with total liabilities as of December 31, 2000. This was the result from the prepayment of unsecured foreign loan on April 30, 2001 worth USD 64.8 Million and the dividend paid to shareholders on May 23, 2001.

“PTTEP realizes of its responsibility as the sole Petroleum Exploration and Production Company for Thais to secure the national energy demand. We are ready to increase our natural gas production from indigenous resources such as Bongkot Field in a fair price to serve growing domestic demand. Bongkot is the largest Natural Gas Field in the Gulf of Thailand, which currently produces 550 million cubic feet per day or 35% of natural gas domestic consumption. PTTEP has been drilled more 51 development wells during 2000-2002 and installed 2 more wellhead platforms in supporting this demand growth. We also continue to explore more natural gas in the Gulf by conducting the second drilling campaign of Arthit Field. The result of first drilling campaign yielded its hydrocarbon potential. ” Dr. Chitrapongse stated.

He also added that PTTEP puts it efforts in enhancing participation in both domestic and international E&P activities, which include those in potential overlapping areas. All activities are aimed at helping the Kingdom in less depending on imported fuel. Human resources capability & technology development programs as well as organizational management efficiency comparable to international standard are also crucial to the Company’s growth.

14 August 2001
For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel.537-4000

PTTEP Q1 Results Total Revenues increased by Baht 2,722 million

15-May-2001
PTT Exploration and Production Public Company Limited (PTTEP) announced today the Company and its Subsidiaries’ Q1 Financial Results. The net income was Baht 2,665 million when compared with the net income of Baht 804 million from the same period last year.

For the first quarter of 2001, the Company and its subsidiaries' total revenues were Baht 7,397 million, up 58% when compared with Baht 4,675 million in the same quarter of 2000. This was mainly due to the higher sales volumes, which averaged approximately 91,899 Barrel of Oil Equivalent per Day (BOE/D), compared with approximately 79,820 BOE/D in the first quarter of 2000. The increase was from Yadana and Yetagun Projects. The average product price was also higher at USD 19.12 per Barrel of Oil Equivalent (BOE) compared with USD 16.44/BOE in the first quarter of 2000.

The Company and its Subsidiaries’ total expenses were Baht 3,403 million, compared with Baht 2,933 million of the same period last year. The increase was mainly from higher production expenses of Yadana and Yetagun Projects, higher royalties derived from higher production volume.
As of March 31,2001, total consolidated assets for the Company and its subsidiaries were Baht 72,245 million, up Baht 7,872 million, when compared with Baht 64,373 million of December 31, 2000. Total liabilities were Baht 48,712 million, an increase of Baht 5,207 million, from Baht 43,505 million of Q1 last year. This was mainly due to the higher net cashflow from operation, and deferred income from customer in accordance with Yadana and Yetagun Project’s Gas Sales Agreements.

Dr. Chitrapongse Kwangsukstith, President of PTTEP stated “We are ready to increase production of natural gas; clean and environmental-friendly fuel, from our own-operating project such as Bongkot in the Gulf of Thailand and from our joint venture projects both domestically and internationally to serve the growing domestic demand. In the first quarter of this year, domestic consumption grew substantially from the same period of last year. Sales volume of Yadana project increased to average approximately 519 million standard cubic feet per day (MMSCFD) and from Yetagun project, sales increased to average approximately 104 MMSCFD. It is because Natural gas, which is now significantly utilized in electricity generation, is supplied mainly from indigenous resources and is much cheaper than imported fuel oil.”

Apart from this, PTTEP will accelerate its domestic production capacity, specifically from our operating and joint venture projects i.e. Bongkot, Arthit, and Pailin Projects to meet domestic demand. We also planned to expand our operations both in Thailand and overseas through acquisition of exploration acreage as well as producing assets to secure the country’s growing petroleum demand in the long term. This would enable us to provide more revenues to the country, rely less on imported fuel oil and help reducing foreign exchange loss as well.” Dr. Chitrapongse added.

15 May, 2001
For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel.537-4000

PTTEP 2000 Financial Results increased Baht 3,243 million

01-Mar-2001
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP) disclosed today the Company and its Subsidiaries’ successful 2000 Financial Results. The total net income were Baht 5,433 million when compared with the total net income of Baht 2,190 million from the same period last year.

For the year 2000, the Company and its subsidiaries' total revenues were Baht 22,616 million, up 52% when compared with Baht 14,887 million of 1999. The increase was attributed to gas sales volume increased from Pailin Project, which started production in August 1999 and gas sales volume increased from Yadana Project. The average sales price was also higher than that of 1999.

The total expenses of the Company and its Subsidiaries were Baht 13,126 million, compared with Baht 9,474 million for the year 1999. The increase was mainly from higher production expenses, temporary floating storage vessel’s expenses of Bongkot Project, higher depreciation and royalties derived from higher production volume and the loss on foreign exchange due to the weakening Baht.

As of December 31,2000, total consolidated assets for the Company and its subsidiaries were Baht 64,373 million, an increase of Baht 11,012 million from 1999. Total liabilities were Baht 43,505 million, an increase of Baht 7,535 million from 1999. This was mainly due to the higher net cashflow from operations, the effect of foreign exchange on unsecured and unsubordinated bonds, an increase in advance payment received from customer in accordance with Yadana Project’s gas sales agreement, income tax payable and the investment in Thaioil Power Co.,Ltd.

Dr. Chitrapongse Kwangsukstith, President of PTTEP stated “As domestic energy consumption rised, PTTEP is ready to increase its production of natural gas; clean and environmental-friendly fuel, to serve the growing domestic demand. Total sales volume in the year 2000 surged to 80,316 barrels of oil equivalent per day (BOED) compared with 66,642 BOED in 1999. Apart from this, at the beginning of this month the cumulative gas sales from Bongkot Field to the Petroleum Authority of Thailand reached 1 Trillion Cubic Feet since the production start up in 1993.”

“ In term of management, PTTEP recently received an international acclaims from Euromoney Magazine in its 2000 annual ranking of Top Companies in Asia as The Best Company in Thailand and The Best Company in Asia in the Oil and Gas Sector. This ranking reflected PTTEP’s strong performance, marketing strength, profitability, growth potential and quality of management and earnings.” Dr. Chitrapongse said.

“ In the next five years, PTTEP will expand its domestic production capacity, specifically from our operating and joint-venture projects: Bongkot, Arthit, and Pailin Projects for the benefit of Thailand. We also planned to expand our operations overseas through acquisition of exploration acreage as well as producing assets. The countries, which PTTEP is keenly interested, include Vietnam, Indonesia, Iran, Oman, Yemen, and Sudan.” Dr. Chitrapongse added.

The Company’s Total Net Reserves as of December 31, 2000 were at 779 million barrels of oil equivalent (MMBOE).
Dr. Chitrapongse emphasized that this overseas expansion is crucial to future growth of PTTEP in maximizing the company reserves and securing the country’s energy demand.

1 March, 2001
For more information, please contact
Charlie Charuvastr/ Bussaban Cheencharoen
External Relations Department
Tel.537-4000

PTTEP announcing its year 2000 performance and Five-Year Plan

01-Feb-2001
Dr. Chitrapongse Kwangsukstith, President of PTT Exploration and Production Public Company Limited (PTTEP) announced Year 2000 performance and 5-Year Plan at a recent press conference.

He stated that PTTEP was highly successful in its effort to maintain high level of gas production to assist the country to cope with rising imported oil prices. He further revealed that, despite continued slow economic recovery, PTTEP was able to maintain the same credit rating as the Royal Thai Government as well as being issued an AA corporate rating from Thai Rating and Information Services (TRIS).

Furthermore, PTTEP was selected as “One of the Best Managed Companies ” by Asiamoney magazine. In addition, PTTEP was the first company in Thailand to be awarded ISO 14001 Environmental Management System Certification for Building Management issued by AJA EQS (Thailand) Ltd.

Dr. Chitrapongse stressed that these recognition reflected the high level of confidence in the Company’s performance which would not have been possible without the continued supports from the various Governmental agencies, the Petroleum Authority of Thailand (PTT), partners and PTTEP employees.

Overview of Energy Market

Dr. Chitrapongse indicated that despite the slow economic recovery and the high imported oil price the country’s power consumption showed an increase of 7.6 percent from the previous year to 98,418 GWH. Couple with reduced usage of fuel oil for power generation due to high price this gave rise to an increase of 11.4 % in domestic gas consumption or an equivalent of 2,000 million standard cubic feet per day (MMSCFD).

Through its involvement in the 13 operated and non-operated joint ventures PTTEP total production amounted to 18% of total domestic supply of petroleum or approximately 80,000 BOE/D. Dr. Chitrapongse revealed that through various investment opportunities under consideration this share of domestic petroleum supply could increase significantly in the near future.

Year 2000 Performance

Dr. Chitrapongse stated that Year 2000 was a highly successful year for PTTEP in term of exploration and production operations, particularly regarding discovery of substantial gas reserves in the Arthit field.

Regarding Bongkot, PTTEP was able to maintain production level in accordance with the Gas Sales Agreement. Furthermore, PTTEP continued its policy of replacing expatriate staff with well-trained Thai nationals at all level in order to ensure transfer of skills and knowledge as well as to reduce operating cost. In this regard, Dr. Chitrapongse cited good cooperation and assistance from the Bongkot Joint Venture partners as being critical to the success of the policy. To date, PTTEP has replaced a great number of expatriates within the Bongkot Operating Unit with Thai nationals following successful Operatorship Transfer in July 1998.

Moreover, PTTEP also broke the new total production record of 100,000 barrels of oil equivalent (BOE/D) in December. In addition, the cumulative gas sales from Bongkot Field to PTT reached 1 Trillion Cubic Feet (TCF) today,1 February 2000, since the production start up in 1993.

Regarding financial performance, Dr. Chitrapongse stated as of 30 September 2000 PTTEP total revenue was Baht 15,497 million when compared to total expenditure of Baht 9,243 million while total net income for the 9 month period in 2000 was Baht 3,355 million, rose by Baht 2,217 million compared to 1999. Total consolidated asset as of 30 September 2000 was Baht 61,075 million or an increase of Baht 7,714 million when compared to the whole of year 1999. Total liability as of 30 September 2000 was Baht 40,329 million or an increase of Baht 4,359 million when compared to the whole of year 1999.

PTTEP 5 Year Plan Strategies

Dr. Chitrapongse