PTTEP has entered into an agreement to buy another exploration block in Australia, continually expanding its business horizon in the region.

Mr. Anon Sirisaengtaksin, the CEO of PTT Exploration and Production Public Company Limited or PTTEP, said that the company has signed a Sales and Purchase Agreement with Stuart Petroleum Limited (Stuart) and Albers Group to acquire 100% interest of AC/P33 block with the purchase price of approximately USD 35 million. The effective date is expected to be at the end of this November, pending approval from the Australian Government and the fulfillment of Conditions Precedence.

The offshore AC/P33 block, also known as Oliver field, is situated in northwestern Australia. It covers an area of 421 square kilometers and is 40 kilometers away from Jabiru and Challis offshore oil fields which PTTEP is the operator. The field is in the proximity of Audacious and Tenacious offshore fields and other assets which PTTEP had earlier acquired from OMV Timor Sea Pty Ltd. Stuart, the former operator of Oliver field, will continue with its plan to drill 1 appraisal well in October 2009 for PTTEP.

Mr. Anon added that “the deal as made with the aims to generate synergies of existing assets that PTTEP had earlier invested in. Investment in Oliver field is a part of our strategic plan to seek opportunities in target areas as well as to speed up the development by using Floating LNG technology.”

Tags: PTTEP