The acquisition of stakes in the Bongkot Project
31 January 2018
Investor Relations Tel. 0-2537-5919, 0-2537-5304, 0-2537-5779, 0-2537-4446, 0-2537-4000 ext. 800-7374
31 January 2018
The Stock Exchange of Thailand
93 Ratchadapisek Road, Din Daeng
Subject: The acquisition of stakes in the Bongkot Project
PTT Exploration and Production Public Company Limited (PTTEP) would like to announce that on 31 January 2018, PTTEP and PTTEP International Limited (a wholly-owned subsidiary of PTTEP) have signed an Agreement for the Assignment and Transfer of the 22.2222% stake in the Bongkot Project, consisting of Blocks B15, B16 and B17 from Shell Integrated Gas Thailand Pte. Limited (Shell) and Block G12/48 from Thai Energy Company Limited (a wholly-owned subsidiary of Shell), with the transaction value before tax of approximately USD 750 million. The completion of transaction is subject to the completion conditions as prescribed in the agreement with an expected closing date within the second quarter of 2018.
The Bongkot Project is the natural gas field in the Gulf of Thailand with the current sales volume of approximately 860 million cubic feet per day of natural gas and 26,000 barrels per day of condensate. PTTEP is currently the operator and holds 44.4445% stakes in the Bongkot Project. After the completion of the transaction, PTTEP’s stake in the Bongkot Project will increase to 66.6667%.
The acquisition of stakes in the Bongkot Project strategically fits PTTEP’s growth strategy of adding producing assets or those which are in the final stage of development, located in South East Asia where PTTEP has experience, and which immediately contributes sales volume, petroleum reserves, and cash flow for the Company as well as providing reliable energy supply for the country.
Please be informed accordingly.
Chief Executive Officer
PTT Exploration and Production Public Company Limited555/1 Energy Complex Building A, 6th Floor & 19th - 36th Floor, Vibhavadi-Rangsit Road, Chatuchak, Chatuchak, Bangkok 10900 Thailand
Phone : 66 (0) 2537-4000
Fax : 66 (0) 2537-4444
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