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PTT EXPLORATION AND PRODUCTION PUBLIC COMPANY LIMITED

(PTTEP)
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PTT Exploration and Production Public : PTTEP makes second discovery in Block SK417 offshore Malaysia

11/30/2021 | 01:31am EST

Bangkok, November 30, 2021 - PTT Exploration and Production Public Company Limited (PTTEP) announced a successful gas discovery from its second exploration well, Nangka-1, in Block SK417, located offshore Sarawak, Malaysia. The discovery is the latest of PTTEP's continued exploration success in Malaysia.

Mr. Montri Rawanchaikul, PTTEP Chief Executive Officer, disclosed that PTTEP, through a wholly-owned subsidiary PTTEP HK Offshore Limited (Malaysia Branch) or PTTEP HKO, commenced the drilling of the second exploration well, Nangka -1, in Block SK417 in June 2021 following the discovery from the first exploration well Dokong-1 earlier this year. Nangka-1 exploration well was drilled to a total depth of 3,758 meters and encountered gas pay in sandstone reservoir.

"The discovery at Nangka-1 is another discovery that PTTEP has made in Malaysia this year following the success at Sarawak SK417's Dokong, SK410B's Lang Lebah, SK405B's Sirung, and SK438's Kulintang fields. The consecutive exploration successes were made possible through decades of dedication, expertise, and our strong partnership with PETRONAS. PTTEP will continue expanding exploration possibilities in Malaysia to bring about more successes to serve energy demand," said the PTTEP CEO.

Block SK417 is located in the shallow waters, around 90 kilometers off the coast of Sarawak, covering an area of approximately 1,540 square kilometers. PTTEP HKO is the operator with 80 percent participating interest and PETRONAS Carigali Sdn. Bhd. holds the rest.

Apart from the Sarawak SK417, there are also Blocks SK405B, SK410B, SK438, SK314A, PM407 and PM415, all still in the exploration stage. Major projects in PTTEP's portfolio in Malaysia include the producing assets in Blocks K, SK309, SK311, the Rotan-Buluh field in Block H and the jointly operated gas fields with PETRONAS Carigali in the Malaysia-Thailand Joint Development Area.

For more information, please contact Media Management Section

The information, statements, forecasts and projections contained herein reflect the Company's current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance is given that these future events will occur, or that the Company's future assumptions are correct. Actual results may differ materially from those projected.

Disclaimer

PTT Exploration & Production pcl published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 06:30:04 UTC.


ę Publicnow 2021
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Sales 2021 213 B 6 447 M 6 447 M
Net income 2021 39 995 M 1 213 M 1 213 M
Net Debt 2021 53 236 M 1 615 M 1 615 M
P/E ratio 2021 12,2x
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Number of Analysts 22
Last Close Price 125,00 THB
Average target price 144,12 THB
Spread / Average Target 15,3%
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Montri Rawanchaikul Chief Executive Officer & Director
Sumrid Sumneing Executive Vice President-Finance & Accounting
Krairit Euchukanonchai Chairman
Bundit Pattanasak Senior Vice President-Technology
Chalongrut Ya-Anan Senior Vice President-Technical Division
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