PTTEP acquires additional interest in Sinphuhorm gas field
PTTEP HK Holding Ltd., a subsidiary of PTT Exploration and Production Public Co. Ltd. (PTTEP), has acquired an additional 9.52% interest in its operated Sinphuhorm gas field onshore northeastern Thailand through a deal with Jadestone Energy plc.
In an Apr. 16 letter to the Stock Exchange of Thailand, PTTEP said it acquired an additional 27.18% stake in APICO LLC from Jadestone Energy Pte. Ltd. through the acquisition of all shares in Jadestone Energy (Thailand) Pte. Ltd., Jadestone Energy (PHT GP) Ltd., and PHT Partners LP.
APICO LLC holds 35% participating interest in Sinphuhorm Project (Blocks EU1 and E5N) and indirectly holds 100% participating interest in Block L27/43 through APICO Khorat (Holdings) LLC and APICO (Khorat) Ltd.
Through the deal, PTTEP increased its participating interest in the Sinphuhorm project to 90% from 80.487%.
In 2024, the project’s average natural gas and condensate production was 105 million standard cu ft/day (17,226 boe/d) and 222 b/d, respectively.
Cash consideration for the interest is $39.4 million. A further $3.5 million in cash is payable in the event of an extension to either of the two petroleum licenses which contain Sinphuhorm field, which currently expire in 2029 and 2031, respectively.
After an internal strategic review, Jadestone decided to focus on its operated positions in Australia, Malaysia, Indonesia, and Vietnam. As a result of the dewal with PTTEP, Jadestone’s 2025 group production guidance is revised to 18,000-21,000 boe/d from 19,000-22,500 boe/d.
PTTEP is operator at Sinphuhorm field.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
