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Shell Brasil farms-out 20 per cent interest to PTTEP at Brazil deepwater block

22nd September 2014

PTT Exploration and Production Public Company Limited, or PTTEP, has announced that its Brazilian subsidiary has acquired a 20 per cent interest in Concession BM-ES-23 offshore Brazil

Shell Brasil farms-out 20 per cent interest to PTTEP at Brazil deepwater block
Currently, PTTEP holds 25 per cent participating interest in four exploration blocks under Barreirinhas AP1 project which is located in Barreirinhas basin in Brazil

PTTEP Brazil Investments in Oil and Gas Exploration and Production Limitada (PTTEP BL), a subsidiary of PTTEP, has entered into an agreement to acquire 20 per cent participating interest from Shell Brasil Petroleo Ltda in Concession BM-ES-23 offshore Brazil.

This agreement is subject to the approval of Brazil's National Agency of Petroleum, Natural Gas and Biofuels (the ANP).

The concession is located in the Espirito Santo Basin, in deepwater offshore Brazil, covering an area of approximately 550 square kilometres. Upon approval from the ANP, PTTEP BL will hold 20 per cent participating interest in the concession, with Petrobras (the operator) holding 65 per cent and Inpex 15 per cent. The joint venture partners plan to conduct exploration and appraisal drilling during 2014-2015.

Currently, PTTEP holds 25 per cent participating interest in four exploration blocks under Barreirinhas AP1 project which is located in Barreirinhas basin in Brazil.

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