PTTEP divests its stake in Montara field in alignment with strategic plan
16 Jul 2018
Bangkok, July 16, 2018 – As part of portfolio rationalization, PTTEP announces the divestment of a 100% stake in the Montara field to align with the company’s business strategy aimed to focus on the operations and projects in the strategic locations.
Somporn Vongvuthipornchai, PTTEP Chief Executive Officer, said PTTEP Australasia (Ashmore Cartier) Pty Ltd, PTTEP’s subsidiary, has signed the Agreement for the Sale of Montara Asset to sell a 100% stake in the Montara field to Jadestone Energy (Eagle) Pty Ltd at the purchase value of USD 195 million. However, the value will be adjusted for working capital from the operations until the date of transaction completion expected this year.
Apart from the purchase value, PTTEP will have additional contingent consideration amounts of up to USD 160 million depending on certain production, oil price and future development milestones being achieved.
Completion of the sale is subject to the conditions as prescribed in the Sale and Purchase Agreement, including the Australian regulatory approvals from the National Offshore Petroleum Titles Administrator (NOPTA) and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).
“The sale of the Montara field is in alignment with our strategic direction in increasing investments in our focused areas in Southeast Asia and the Middle East, where we have experience and expertise. These areas have high petroleum potential, low cost structure as well as low risks that will help us add more petroleum reserves and enhance long-term growth for the company,” Somporn said.
The Montara field is located offshore Australia. The average production volume from the field in the first half of this year is about 7,694 barrels per day.
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