Signing of Heads of Agreement for Gas Sales, Block M9

abarrelfullabarrelfull wrote on 04 Mar 2015 12:55

June 23, 2008

Reference is made to PTTEP International Limited (PTTEPI), a 100% owned subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), an operator and sole shareholder of block M9, located in the Gulf of Mataban, Myanmar.

PTTEP wishes to announce that on June 23, 2008, PTTEPI and Myanma Oil and Gas Enterprise (the Sellers) have signed the Heads of Agreement (HOA) with PTT Public Company Limited (the Buyer). Under the HOA, average sales volume of gas from M9 will be 300 million cubic feet per day (MMSCFD) (240 MMSCFD exported to Thailand and 60 MMSCFD supplied to Myanmar). The gas price will be based on the existing price under the current Gas Sales Agreement between Myanmar and Thailand.

The above conditions in HOA are the essence of Gas Sales Agreement, which is expected to be concluded within 2008.

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