PTTEP Withdraws Stake in Egypt Well

PTTEP Withdraws Stake in Egypt Well

Wednesday, March 30, 2011
PTTEP

PTT Exploration and Production Public Company Limited (PTTEP) announced its subsidiary PTTEP Sidi Abd El Rahman has withdrawn the entire 30% participation interest from Sidi Abd El Rahman Offshore Project in the Arab Republic of Egypt after fulfillment of the exploration work commitment. The withdrawal will be fully effective upon receiving an official approval from the government of the Arab Republic of Egypt.

In addition, PTTEP would like to report the drilling result of an exploration well in Rommana project, which is an onshore block in the Arab Republic of Egypt. The joint ventures include Sipetrol International S.A. (Operator), PTTEP Rommana Co. Ltd. (a subsidiary of PTTEP), and Centrica Resources Ltd., which hold the participation interests of 40%, 30%, and 30%, respectively. The exploration well, Moon Sinai-1, was spudded on January 6, 2011. It was drilled to an approximate total depth of 1,440 meters without petroleum shows, therefore; the well will be written off within the accounting period of the first quarter 2011, with an approximate total cost to PTTEP of US $1 million.