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Investor Relations
SET Notification
The acquisition of APICO LLC’s interests, a joint venture of Sinphuhorm Project
15 February 2019
PTTEP 13061/00-1827/2019
Investor Relations
Tel. +66(0) 2537 4868, +66(0) 2537 5843
15 February 2019
President
The Stock Exchange of Thailand
93 Ratchadapisek Road, Din Daeng
Bangkok 10400
Dear Sir,
Subject: The acquisition of APICO LLC’s interests, a joint venture of Sinphuhorm Project
PTT Exploration and Production Public Company Limited (PTTEP) would like to announce that on 15 February 2019, PTTEP SP Limited (a subsidiary of PTTEP) signed the Share Purchase Agreement (“SPA”) to acquire 33.8% stake in APICO LLC from Tatex Thailand LLC and Tatex Thailand II LLC with total transaction value of approximately USD 64 million, to be adjusted for working capital until the completion date which is subject to the completion conditions as prescribed in the SPA. The closing date is expected to be within the first half of 2019.
APICO LLC holds 35% participating interest in EU1 / E5N (Sinphuhorm Project) and 100% participating interest in Block L15/43 and Block L27/43. PTTEP is currently the operator with a 55% interest in the Sinphuhorm project. After the completion of the transaction, PTTEP’s stake (both direct and indirect) in this project will increase to 66.8%.
Sinphuhorm Project is an onshore natural gas field located in the northeast of Thailand. In 2018, the project’s average sales volume of natural gas was approximately 79 million cubic feet per day (12,927 barrels of oil equivalent per day) and average condensate sales volume was 246 barrels per day. The acquisition of interest in the Sinphuhorm Project fits PTTEP’s growth strategy to expand investment in Thailand and South East Asia where PTTEP has expertise (Coming Home Strategy), and which will increase petroleum reserves, and generate return on investment to PTTEP as well as providing reliable energy supply for the country.
Please be informed accordingly.
Sincerely yours,
Phongsthorn Thavisin
Phongsthorn Thavisin
President and 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.