PTTEP invests in Blocks M-3 and M-4 in Union of Myanmar

PTTEP invests in Blocks M-3 and M-4 in Union of Myanmar To Secure Long-Term Petroleum Supply to Thailand PTT Exploration and Production Public Company Limited, or PTTEP, announces that on August 7, 2004, Mr. Maroot Mrigadat, President of PTTEP, will sign the Production Sharing Contract (PSC) to invest in offshore petroleum exploration Blocks M-3 and M-4 in Myanmar as the Operator with 100% interest. This ceremony will take place in Yangon, Union of Myanmar, witnessed by H.E. Mr. Prommin Lertsuridej, the Minister of Energy of Thailand and H.E. Brig. General Lun Thi, the Minister of Energy, Union of Myanmar. Blocks M-3 and M-4, located offshore of the Gulf of Mataban, cover an area of approximately 18,000 square kilometers. In the first 4 years ( 2004-2008), PTTEP expects to spend approximately US$ 13 million for geological and geophysical studies, seismic surveys and the drilling of at least 1 exploration well. Should the initial work be successful, PTTEP has the rights to extend the contract for 2 years. Total expenditure for the 6 years period will be approximately US$ 23 million. Mr. Maroot Mrigadat, President of PTTEP, said, “Over the past few years, PTTEP has consistently implemented its policy in seeking opportunities in neighboring countries and other regions to secure long-term petroleum supply to Thailand. The investment in Blocks M-3 and M-4 is not only serving PTTEP’s business expansion but is also in line with the Thai government’s policy to focus on investment in neighboring countries. This investment strengthens the good relationship between Thailand and Union of Myanmar and it also strengthens PTTEP’s roles in this region. PTTEP last year acquired 100% and became the Operator of Myanmar’s offshore Blocks M-7 and M-9. The acquisition of Blocks M-3 and M-4 will enhance the value of the previous two blocks through synergy and operational efficiency. PTTEP currently invests in Yadana and Yetagun Gas Fields. They produce approximately 680 and 300 million cubic feet per day respectively. PTTEP has 25.5% participation interest in Yadana and 19.3% in Yetagun Gas Fields. At present, the Company invests in exploration, development and production activities in Thailand and in Southeast Asian countries such as the Socialist Republic of Vietnam, Indonesia and Malaysia. It also invests in the Sultanate of Oman in the Middle East and in Algeria, North Africa. For more information, please contact Charlie Charuvastr/ Sidhichai Jayant/ Bussaban Cheencharoen External Relations Department Tel.0-2537-4000 End. --InfoQuest (NT)--

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