PTTEP Tops the Stake in “Sinphuhorm Project” with ฿2.3bn to Expand Investment in Thailand

PTT Exploration and Production Public Company Limited (PTTEP) has announced that PTTEP HK Holding Limited, a subsidiary of PTTEP, entered into the Share Purchase Agreement (SPA) to acquire additional 39% stake in APICO LLC from Coastal Energy Company (Khorat) Limited with the total transaction value of approximately THB 2,277 million, subject to working capital and closing adjustments as prescribed in the SPA.
The transaction is expected to be completed within the third quarter of 2019. APICO LLC holds 35% participating interest in Sinphuhorm Project (Blocks EU1 and E5N) and 100% participating interest in Block L15/43 and Block L27/43.

PTTEP is currently the operator with a direct and indirect interest of 66.80% of the Sinphuhorm project, and after the completion of the transaction, PTTEP’s stake in this project will increase to 80.48%.
Sinphuhorm Project is an onshore natural gas field located Northeastern of Thailand. In the first half of 2019, the project’s average sales volume of natural gas was 88 million cubic feet per day (14,487 barrels of oil equivalent per day) and average condensate sales volume was 289 barrels per day. In May 2019, the extension of Sinphuhorm Project’s concessions was granted for a 10-year period to 2029 and 2031 for Block EU1 and Block E5N, respectively.

The acquisition of the additional interest in the Sinphuhorm Project aligns with PTTEP’s growth strategy to expand investment in Thailand (Coming Home Strategy) with the cash-generating project as well as to secure reliable energy supply for the country.