PTTEP, CNOOC Gulf of Martaban PSC swap lapses

PTTEP International's participation interest swap with CNOOC Myanmar has expired before receiving an approval from Myanmar government, making the contract invalid.

Offshore staff

BANGKOK -- PTTEP International's participation interest swap with CNOOC Myanmar has expired before receiving an approval from Myanmar government, making the contract invalid. The company had intended to swap a 20% participating interest in the production sharing contract (PSC) in blocks M3 and M4 with CNOOC Myanmar's A4 and C1.

PTTEPI (operator) will maintain its holding of 100% participation interest in blocks M3 and M4. Blocks M3 and M4 are in the Gulf of Martaban, Myanmar, covering an area of 18,000 sq km (6,950 sq mi), with gas potential. PTTEP is pursuing geological and geophysical study for further exploration.

02/26/2009

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