PTT Exploration and Production Public Company Limited, or PTTEP, says that PTTEP Australasia (Ashmore Cartier) PTY LTD (a subsidiary of PTTEP) has entered into the farm-in agreement with Woodside Energy Limited and the joint venture partners under which PTTEP will acquire a 20% participation interest in Petroleum Exploration Permits WA-378-P, WA-396-P and WA-397-P in Australia.

The Permits are located offshore north western of Australia. WA-378-P Permit covers an area of 3,634 square kilometers, WA-396-P Permit covers an area of 4,467 square kilometers, and WA-397-P Permit with an area of 3,886 square kilometers. The farm-in agreement will be fully effective upon receiving approvals from the Australian government.

After completion of the agreement, the joint venture partners will consist of Woodside Energy Limited (Operator) with 50% participation interest, PTTEP Australasia (Ashmore Cartier) PTY LTD 20%, Mitsui E&P Australia Pty Ltd and Toyota Tsusho Gas E&P Browse Pty Ltd with 20% and 10% participation interests respectively. The joint venture partners plan to conduct exploration activities including drilling of one exploration well in 2010.

Tags: PTT Exploration and Production Public Company Limited