PTTEP 2nd Quarter Operating Results

Mr. Tevin Vongvanich (นายเทวินทร์ วงศ์วานิช), the President and CEO of PTT Exploration and Production Public Company Limited or PTTEP disclosed PTTEP second Quarter Operating Results and the company performance as the detail below: 2nd Quarter Operating Results (Unreviewed) The company and its subsidiaries posted a net profit of USD 361 million (equivalent to 10,664 million baht), an increase against the second quarter of 2012, which was USD 250 million (equivalent to 7,733 million baht). The second quarter of 2013 comprised of the recurring net profit for this period amounted to USD 535 million, and the loss from non-recurring items amounted to USD 174 million. In this quarter, the total revenue of PTTEP and its subsidiaries was USD 1,851 million (equivalent to 55,326 million baht), an increase of USD 184 million or 11% against the second quarter of 2012 which was USD 1,667 million (equivalent to 52,164 million baht).The increase was the result of a higher average sales volume in the second quarter of 2013, which increased to 292,721 barrels of oil equivalent per day (BOED) against the first quarter of 2012 which was 263,441 BOED. This increase of sales volume was the result of Bongkot project's increasing sales volume that has higher nomination against the second quarter of 2012, together with an addition of increased crude oil sales volume from S1 project. Consist of higher average petroleum sales price, which rose to USD 65.16 per barrel of oil equivalent (BOE) against the second quarter of 2012 which was USD 64.17 per BOE. Moreover, the Board of Directors approved the payment of an Interim Dividend from consolidated performance of PTTEP and its Subsidiaries for the first half year operations of 2013 (January 1, 2013 to June 30, 2013) to the shareholders at the rate of Baht 3 per share; the entire amount is from net profit under Petroleum Income Tax Act. The date for closing of the Compa ny’s share registration for the right to receive the dividend will be August 9, 2013. The dividend payment date will be August 23, 2013 PTTEP Performance following the business strategies can be summarized by main stages as follow: The Exploration: During the second quarter of 2013, the Myanmar M3 Project completed drilling 3 of the 4 appraisal wells planned in 2013. The fourth appraisal well is currently being drilled to continue assessing the commerciality of the project. PTTEP International Limited (PTTEPI), which will continue to be the operator and hold 80% participating interest in the project, is waiting for approval from Republic of the Union of Myanmar’s government to divest 20% participating interest to Mitsui Oil Exploration Co. Ltd (MOECO). Myanmar PSCG and EP-2 Project are currently progressing with its 2D seismic program for both blocks and, which expected to complete in the third quarter of 2013. Algeria Hassi Bir Rekaiz Project’s first exploration phase has completed drilling 9 exploration wells with crude oil and natural gas discoveries in 8 wells. The project is currently in the second exploration phase (May 2013 to May 2015) with the plans to conduct 3D seismic acquisition, as well as to drill additional exploration and appraisal wells. The Development: Myanmar Zawtika Project is in progress of installing intra-field gas pipelines and the main offshore gas export pipeline; constructing central production platform, as well as the onshore and offshore gas export and distribution system; and drilling of a production well. Commercial production is expected to commence in the first quarter of 2014. Algeria 433A and 416B Project completed drilling 5 of 12 total production wells according to the initial plan. The project continues to progress with the construction of processing and pipeline facilities (EPC1), as well as the construction of living quarters and utility facilities (EPC2) in the development area. Production is scheduled to begin in the second half of 2014. The Leismer field in KKD Oil Sands Project has completed the design for the Leismer Expansion, which is aimed to increase production rate of the Leismer field to 40,000 BPD. The project is currently in process of awarding Front End Engineering Design (FEED) contract and expects to receive approval within the third quarter of 2013. Additionally, Corner field is also in process of awarding FEED which is scheduled for completion in September 2013. The Production: The production process from the Montara field in PTTEP Australasia Project began through the introduction of hydrocarbons to the Montara Venture FPSO. Steady production was achieved on 12 June 2013. The company expects production to initially ramp up to a rate of 21,000BPD before achieving a rate of 30,000BPD following the completion an additional production well, which scheduled for the second half of 2013. First crude oil sales take off is expected in August this year. S1 Project is able to maintain its crude oil production rate from the first quarter of 2013, producing at an average rate of 33,900 Barrel per day (BPD) during the second quarter of 2013. The accomplishment is a result of initiatives continued from the first quarter such as drilling of new production wells, Artificial Lifting and Waterflooding. The Leismer field in KKD Oil Sands Project produced bitumen at an average rate of 14,000 BPD during the second quarter of 2013. In June 2013, for Well Pad 5, the project completed the drilling of well pairs, comprised of steam assisted gravity drainage and production wells. The construction is in progress and plan to start-up in the first quarter of 2014. Lastly, during the second quarter of 2013, Vietnam 16-1 Project produced crude oil at a rate of 46,293 BPD and natural gas at a rate of 28.3 MMSCFD. The project also successfully tested the production capability of the FPSO (Floating Production Storage and Offloading) unit at a rate of 60,000BPD-KP-

• ข่าวเทวินทร์ วงศ์วานิช
• ข่าวเทวินทร์ วงศ์
• ข่าวPTT Exploration and Production
• ข่าวthe company
• ข่าวPTTEP