21 August 2023

PTT Exploration and Production Public Company Limited (PTTEP) wishes to announce that on 18 August 2023, PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA), a subsidiary of PTTEP, entered into a Sale and Purchase Agreement (SPA) to sell its total interests in petroleum retention lease AC/RL7, altogether with all obligations to INPEX Cash Maple Pty Ltd and TotalEnergies Exploration Australia Pty Ltd. PTTEP AAA is holding 100% interests in the retention lease. Completion of the sale, which is subject to the conditions prescribed in the SPA, is expected by this year end. The retention lease AC/RL7, which contains the discovered but not yet developed Cash and Maple gas and condensate fields, is located offshore Timor Sea, north of Australia. This divestment is part of a portfolio rationalisation program to align with the company’s investment strategy.

Media contact: Tim Larcombe tim@prperth.com

1 August 2023

In March 2023 an inspection by Remotely Operated Vehicle was undertaken of the Tenacious West 1 and Oliver 2 wells in the Timor Sea owned by PTTEP. The inspection found both well heads in undamaged condition and there were no indications of gas bubbles, leaks or hydrocarbon releases of any kind, nor any evidence of previous leaks. A copy of the inspection report is available here.

Media contact: Tim Larcombe tim@prperth.com

28 February 2023

PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP AA) reached an agreement with the Applicant, Mr Sanda, and the Group Members he represents, in full and final settlement of the class action (including PTTEP AA’s appeal).

PTTEP AA’s decision to settle the class action was a commercial one. The settlement does not represent an admission of liability by PTTEP AA for the claims of Mr Sanda and the Group Members.

On 23 February 2023, the settlement was approved by the Federal Court of Australia, which determined that the settlement is fair and reasonable.

Media contact: Tim Larcombe tim@prperth.com

21 November 2022

PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA) participated in mediation in the Montara class action, as ordered by the Federal Court of Australia. Such mediation requirement was in line with the normal legal process under Australian Law for class actions.

During such mediation, PTTEP AAA reached an in-principle agreement with the group of Indonesian seaweed farmers, that PTTEP AAA will pay AUD192,500,000 (equivalent to approx. USD129,000,000), in full and final settlement of the class action (including PTTEP AAA’s appeal).

The in-principle settlement was made on a no admission of liability basis and is subject to court approval. Further details of the in-principle settlement cannot be published at this stage.

Media contact: Tim Larcombe tim@prperth.com

13 December 2021

PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEP AA) remains disappointed in the decision of the Federal Court of Australia. After careful consideration of the decision, PTTEP AA has exercised its right to appeal.

PTTEP AA emphasises that the decision related to Mr Sanda’s claim and certain limited questions common to the claims of Mr Sanda and Group Members. However, the Group Member claims remain statute barred. The court’s decision does not negate the requirement for each Group Member to obtain leave of the court to pursue their claims out of time and, if leave is granted, to then prove their loss and damage. They will only be entitled to compensation if they are successful in those processes.

Media contact: Tim Larcombe tim@prperth.com

19 March 2021

PTTEP acknowledges the decision of the Federal Court of Australia but is disappointed in the outcome.

PTTEP emphasises the judgment relates to Mr Sanda’s claim, and that the claims of all the Group Members are statute barred and must be determined separately.

The court’s decision does not negate the requirement for individuals to demonstrate their actual loss and damage.

PTTEP is carefully considering the judgment and the available avenues of appeal.

Media contact: Tim Larcombe tim@prperth.com