PTTEP farms into Australia permits

PTTEP Australasia (Ashmore Cartier) has agreed with operator Woodside Energy and joint venture partners to acquire a 20% interest in petroleum exploration permits WA-378-P, WA-396-P, and WA-397-P, offshore Australia.

Offshore staff

BANGKOK, Thailand -- PTTEP Australasia (Ashmore Cartier) has agreed with operator Woodside Energy and joint venture partners to acquire a 20% interest in petroleum exploration permits WA-378-P, WA-396-P, and WA-397-P, offshore Australia.

WA-378-P permit covers 3,634 sq km (1,403 sq mi), WA-396-P permit covers 4,467 sq km (1,725 sq mi), and WA-397-P permit covers 3,886 sq km (1,500 sq mi).

After completion of the agreement, the joint venture partners will consist of Woodside Energy (Operator) with 50% participation interest, PTTEP Australasia (Ashmore Cartier) with 20%, Mitsui E&P Australia and Toyota Tsusho Gas E&P Browse with 20% and 10% participation interests, respectively.

The joint venture partners plan to drill one exploration well in 2010. The farm-in agreement is subject to Australian government approval.

01/14/2010

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