OIL-GAS PTTEP updates Janaka-2, Myanmar M3 Block

Reference is made to PTTEP International Limited (PTTEPI), a 100% owned subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), an operator, with 80% participation interest and CNOOC Myanmar Limited with another 20% interest (fully effective upon receiving approval from Myanmar government) of exploration block – M3 in the Gulf of Mataban, Myanmar.
TTEP would like to report the drilling result of an exploration well, Janaka-2, located in M3 block. Spudded on September 28, 2008, the well was drilled to a total depth of 3,351 meters subsea and encountered one petroleum baring formation of 4 meters of additional zone of interest gas. Viewing the above results, the flow rate testing (Tubing Stem Test) is not performed. The company concludes that gas discovery in this well is not enough to establish commerciality and will be written off within the accounting period of the fourth quarter 2008, with an approximate total cost of 930 Million Baht.

PTTEP will conduct additional study and evaluate the petroleum potential to plan for additional exploration in the near future.

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