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Investor Relations
SET Notification
The divestment of Montara Field in the Commonwealth of Australia
16 July 2018
PTTEP 13061/00-5008/2018
Investor Relations Tel. 0-2537-5919, 0-2537-4000 ext 7374
16 July 2018
President
The Stock Exchange of Thailand
93 Ratchadapisek Road, Din Daeng
Bangkok 10400
Dear Sir,
Subject: The divestment of Montara Field in the Commonwealth of Australia
PTT Exploration and Production Public Company Limited, or PTTEP, wishes to announce that, on 15 July 2018, PTTEP Australasia (Ashmore Cartier) Pty Ltd, a subsidiary of PTTEP, signed a Sale and Purchase Agreement (SPA) to sell a 100% stake in the Montara field and its related assets in the Commonwealth of Australia, to Jadestone Energy (Eagle) Pty Ltd with the asset purchase price of USD 195 million, to be adjusted for working capital, with additional contingent consideration amounts of up to USD 160 million payable dependent on certain production, oil price and future development milestones being achieved.
Completion of the sale is subject to the completion conditions as prescribed in the SPA, including the Australian regulatory approvals from the National Offshore Petroleum Titles Administrator (NOPTA) and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA), with an expected completion by the end of 2018.
The Montara field is an offshore oil field located in the Timor Sea, with the average crude production of 7,694 barrel per day for the first half of 2018. The divestment is a part of portfolio rationalization to be aligned with the Company’s strategic direction.
This transaction is classified as disposal of a subsidiary’s asset, however, the size of transaction contemplated by the signed SPA does not require disclosure under the Regulations of the Stock Exchange of Thailand on acquisition and disposition of assets.
Please be informed accordingly.
Sincerely yours,
Somporn Vongvuthipornchai
Somporn Vongvuthipornchai
Chief Executive Officer
PTT Exploration and Production Public Company Limited
555/1 Energy Complex Building A, Floors 19-36th
Vibhavadi-Rangsit Rd., Chatuchak, Chatuchak, Bangkok 10900
Vibhavadi-Rangsit Rd., Chatuchak, Chatuchak, Bangkok 10900
Phone : 66 (0) 2537-4000
Fax : 66 (0) 2537-4444
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Copyright © PTT Exploration and Production Plc. All Rights Reserved.