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PTTEP sells stake oilfield off Australia

Jul 17, 2018
2 min read
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Thailand's PTT Exploration & Production (PTTEP) has agreed to sell its 100 per cent stake in the Montara oilfield located offshore Australia to Jadestone Energy for US$195 million.

The Montara field is located offshore Australia. The average production volume from the field in the first half of this year is about 7,694 barrels per day.

Somporn Vongvuthipornchai, PTTEP CEO, said PTTEP Australasia (Ashmore Cartier), PTTEP’s subsidiary, has signed the sale of its stake in the Montara field to Jadestone Energy (Eagle) for US$195 million. However, the value will be adjusted for working capital from the operations until the date of transaction completion expected this year.

Apart from the purchase value, PTTEP will have additional contingent consideration amounts of up to US$160 million depending on certain production, oil price and future development milestones being achieved.

The completion of the sale is subject to approvals from Australian regulators.

“The sale of the Montara field is in alignment with our strategic direction in increasing investments in our focused areas in Southeast Asia and the Middle East, where we have experience and expertise. These areas have high petroleum potential, low cost structure as well as low risks that will help us add more petroleum reserves and enhance long-term growth for the company,” Somporn said.

The Montara field is located offshore Australia. The average production volume from the field in the first half of this year is about 7,694 barrels per day.

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