PTT Exploration and Production Public Company Limited or PTTEP announces that it has entered into an agreement to acquire a total 20% participating interest from Shell Brasil Petroleo Ltda in Concession BM-ES-23 in the Federal Republic of 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 deep water of offshore Brazil, covering an area of approximately 550 square kilometers. Upon approval from the ANP, PTTEP BL will hold 20% participating interest in the concession, with Petrobras (the operator) holding 65% and INPEX 15%. The joint venture partners plan to conduct exploration and appraisal drilling during 2014-2015.

Currently, PTTEP holds 25% participating interest in 4 exploration blocks under Barreirinhas AP1 project which is located in Barreirinhas basin in Brazil. The participation in Concession BM-ES-23 is another important milestone in the expansion into South America, a region with high petroleum potential.

Press Release, September 22, 2014