Myanmar Asset Press Release

30 April 2018, Yangon, Myanmar - PTTEP’s domestic and international operations altogether sum to 38 projects in 10 countries as of the first quarter of 2018, with key project highlights as follow;

Projects in Thailand:

PTTEP currently has 16 projects in Thailand, the majority of which are in the production phase, which had average sales volume for this quarter of 236,286 BOED, accounting for 80% of PTTEP’s total sales volume. These projects are located in both the Gulf of Thailand and onshore; including the Bongkot Project which achieved the production level as planned and currently is in the process of bidding preparation for the Bongkot concession, which will be expired in 2022-2023. The S1 Project has continuously drilled additional production wells in order to increase production levels in the future. Apart from production projects, Ubon Field of the Contract 4 Project is the process of negotiation with current partners on development preparation with expected first oil production by 2022 at planned capacity of 25,000-30,000 BPD.

Projects in Southeast Asia:

Sales volume for Q1/2018 from the projects in the Southeast Asian region amounted to 48,929 BOED, representing 17% of PTTEP’s total sales volume. The highlights of key projects in the production phase as follows. The Zawtika Project has maintained its production as planned and completed the construction of 4 production platforms in 1C Phase and project also continues to carry out drilling activities. The Vietnam 16-1 Project is carrying out the production drilling plan aiming to maintain production plateau. The exploration phase projects in this region are mainly located in onshore and offshore of Myanmar. The major highlights include the Myanmar M3 Project, which is currently in the process of negotiation on commercial framework with the Government of Myanmar as well as in the process of Pre-FEED study. The Project expects to propose the Field Development Plan to the Government of Myanmar within Q2/2018. The Myanmar MD-7 Project is in the process of assessing for the fields’ resource potential. The Myanmar M11 Project is under drilling preparation of an exploration well and is seeking partner to manage the Project’s risk. The Myanmar MOGE 3 Project is under drilling preparation of an exploration wells. The Sarawak SK410B Project in Malaysia is currently assessing the fields’ resource potential with a plan to drill exploration wells this year. The Vietnam B & 48/95 Project and the Vietnam 52/97 Project are currently in the negotiation process on commercial terms in order to push forward the Final Investment Decision (FID) targeting first production by the end of 2021 with ramping up capacity to 490 MMSCFD in accordance with the Gas Sales Agreement.

Projects in the Americas:

PTTEP has 3 projects in this region located in Canada and the Federative Republic of Brazil (Brazil). All projects are in the exploration phase. The Mariana Oil Sands Project, located in Alberta, Canada, is under the consideration of the project development plan to suit with current circumstance. PTTEP has 2 projects in Brazil. The Barreirinhas AP1 Project and the Brazil BM-ES-23 Project are currently studying the petroleum potential for future development plan.

Projects in Australia:

PTTEP has 1 project in this region which is located in the Commonwealth of Australia (Australia), comprising 12 permits. The Montara Field, which is in the production phase, has average sales volume for Q1/2018 of 6,131 BPD. The Cash Maple Field, which is in the exploration phase, has completed the Pre-FEED study and is under the evaluation of appropriate development plan.

Projects in Africa:

PTTEP has 3 projects in this region, located in the People's Democratic Republic of Algeria (Algeria) and the Republic of Mozambique (Mozambique). The Algeria 433a and 416b Project, which is in production phase, has average production volumes for this quarter at 17,344 BPD. The Algeria Hassi Bir Rekaiz Project is in the exploration phase. The project’s development plans are waiting for approval from the Algerian government. The project is expected to start production within 2019 with the first phase capacity of around 10,000-13,000 BPD. Subsequently, further investment will be considered to ramp up to full capacity at around 50,000 BPD. The Mozambique Rovuma Offshore Area 1 Project has made a significant progress during Q1/2018 including the Government’s approval of Plan of Development (POD) in Golfinho-Atum area and started the resettlement activity of LNG liquefaction plant construction area. The Project also successfully secured the LNG Sale and Purchase Agreement (SPA) of 1.2 Million tons per annum (MTPA) with EDF, a French company and also expedites the finalization of other SPAs. In parallel, the Project is negotiating for project finance with financial institutions in order to support the Final Investment Decision (FID), with planned first phase of production at 12 MTPA starting in 2023.