PTTEP acquires Coogee

PTT Exploration and Production Public (PTTEP), through its wholly owned Australian subsidiary, has signed a conditional share sales agreement to acquire a 100% equity interest in Coogee Resources (CRL) for $170 million.

Offshore staff

BANGKOK -- PTT Exploration and Production Public (PTTEP), through its wholly owned Australian subsidiary, has signed a conditional share sales agreement to acquire a 100% equity interest in Coogee Resources (CRL) for $170 million.

CRL operates the Jabiru and Challis offshore oil fields (70.94% CRL interest), which together with the 100% owned Montara project, provides PTTEP with estimated net 1P oil reserves of 32 MMbbl and net 2P oil reserves of 45 MMbbl. Additionally, CRL also provides PTTEP with significant contingent resources from the working interests in production and exploration licenses including AC/L7, AC/RL7, AC/P34, AC/P32, and AC/P40, the company says.

12/29/2008

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