PTT Exploration and Production PCL : Revised Five – Year Investment Plan (Year 2019 – 2023)

PTTEP 13061/00-6977/2019

Investor Relations

Tel. [phone]

12 July 2019

President

The Stock Exchange of Thailand

93 Ratchadapisek Road, Din Daeng

Bangkok 10400

Dear Sir,

Subject: Revised Five - Year Investment Plan (Year 2019 - 2023)

Reference: Letter No. PTTEP 13061/00-11049/2018, dated 18 December 2018

PTT Exploration and Production Public Company Limited (PTTEP) would like to announce the revised 2019 expenditure for PTTEP and its subsidiaries that was previously announced on 18 December 2018. The revised plan includes the acquisition of Murphy Oil Corporation's Interests in Malaysia, the acquisition of 33.8% interests in APICO LLC's and the Signing of Production Sharing Contracts for Exploration Blocks offshore the Gulf of Thailand No. G1/61 (Erawan field) and G2/61 (Bongkot field). The estimated total expenditure 2019 is USD 3,577 Million, of which USD 1,948 Million is Capital Expenditure and the remaining USD 1,629 Million is Operating Expenditure. The estimated Five-Year Investment Plan (2019 - 2023) are as per the table below:

Unit: USD Million

	2019*	2020	2021	2022	2023	2019-2023
Capital Expenditure	1,948	2,472	2,817	2,945	2,477	12,659
Operating Expenditure	1,629	1,592	1,556	2,095	1,823	8,695
Total Expenditure	3,577	4,064	4,373	5,040	4,300	21,354

* Exclude acquisition cost of USD 2,086 Million

In accordance with the Five-Year Investment Plan, the expected average petroleum sales volume per day during 2019-2023 are as follows:

Unit: Thousands Barrel of Oil Equivalent per Day (KBOED)

	2019	2020	2021	2022	2023
Expected Average Petroleum Sales Volume	345	365	380	409	437

For Five-Year Investment Plan, PTTEP has allocated total capital expenditure of USD 12,659 Million to maintain production level of existing producing projects, support key development projects and accelerate exploration activities to enhance contingent resources for long term growth. The majority of the expenditure remains in Thailand and Southeast Asia. With this plan, PTTEP expected Compounding Annual Growth Rate (CAGR) of sales volume for 5 year period until 2023 of around 7%.

Please be informed accordingly

Sincerely yours,

Phongsthorn Thavisin

Phongsthorn Thavisin

President and Chief Executive Officer