PTTEP Announces a Divestment of Petroleum Retention Lease in Australia

PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced that on August 18, 2023, PTTEP Australia (Ashmore Cartier) Pty Ltd (PTTEP AAA), a subsidiary of PTTEP, entered into a Sale and Purchase Agreement to sell its total interests in petroleum retention lease AC/RL7, altogether with all obligations to INPEX Cash Maple Pty Ltd and TotalEnergies Exploration Australia Pty Ltd, in which PTTEP AAA holds 100% interests in the retention lease.

The completion of the sale is expected by the end of this year.

The retention lease AC/RL7, which contains the discovered but not yet developed Cash and Maple gas and condensate field, is located offshore Timor Sea, north of Australia. This divestment is part of a portfolio retionalization program to align with the company’s investment strategy.