PTT Exploration and Production Public Company Limited or PTTEP has entered into a Joint Participation Agreement with Finder Exploration Pty Ltd. to acquire a 20 percent ownership interest in Block AC/P36 in Australia. With the addition of this new project, PTTEP now has 38 exploration and production projects in 13 countries.

Under the agreement with Finder Exploration, the partnership will comprise Murphy Australia Oil Pty Ltd., a subsidiary of Murphy Oil Corporation who will be the operator with 40% interest, Finder Exploration Pty Ltd. with 40% interest, and PTTEP Australia Offshore Pty Ltd., a subsidiary of PTTEP with 20% interest. The agreement is subject to approval by Australian authorities.

“We have a plan to drill 1 exploration well by the end of 2008 or the 1st quarter of 2009,” says Mr. Maroot Mrigadat, President of PTTEP. “We are not only delighted to have a great opportunity for investment in Australia but also value the chance to work with the world’s leading companies such as Murphy and Finder who have experience in deep-water oil and gas exploration and production.”

The AC/P36 block covers an area of 4,000 sq.km. in the Browse Basin. It is located offshore in the northwestern part of Australia. The Browse Basin is a large sedimentary basin considered to have high petroleum potential. Many big oil and gas fields are situated in the basin.

Australia is a country with high petroleum potential. The current gas production from the western part of Australia is about 4,200 million cubic feet per day.

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