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8/11/2019 DocumentSSHE_ReportFile_2985CLSA Distribution Final - CLSA Investors Forum September 17 - 18, 2014
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CLSA Investors ForumSeptember 17 - 18, 2014
PTT Exploration and Production Public Company Limited
Passion to Explore for a Sustainable Future
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Disclaimer
Forward-looking Information
The information, statements, forecasts and projections contained herein reflect the Companys current views with respect to future events and financial performance.
These views are based on assumptions subject to various risks. No assurance is given that these future events will occur, or that the Companys assumptions are
correct. Actual results may differ materially from those projected.
Petroleum Reserves and Resources Information
In this presentation, the Company discloses petroleum reserves and resources that are not included in the Securities Exchange and Commission of Thailand (SEC)
Annual Registration Statement Form 56-1 under Supplemental Information on Petroleum Exploration and Production Activities. The reserves and resources data
contained in this presentation reflects the Companys best estimates of its reserves and resources. While the Company period ically obtains an independent audit of a
portion of its proved reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of reserves and resources data disclosed in this
presentation. Unless stated otherwise, reserves and resources are stated at the Companys gross basis.
This presentation may contain the terms proved reserves, probable reserves, and/or contingent resources. Unless stated otherwise, the Company adopts
similar description as defined by the Society of Petroleum Engineers.
Proved Reserves - Proved reserves are defined as those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with
reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods,
and government regulations.
Probable Reserves - Probable reserves are defined as those unproved reserves which analysis of geological and engineering data suggests are more likely than not
to be recoverable.
Contingent Resources - Contingent resources are defined as those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from
known accumulations, but which are not currently considered to be commercially recoverable. The reasons for non commerciality could be economic including market
availability, political, environmental, or technological.
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Agenda
Thai Energy Industry & Company Overview
Growth Strategy
Financial Performance
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Thai Energy Reform: Upstream E&P
Lingering Questions
Renewal of
expiring concessions
21stPetroleum
Bidding Round
PetroleumFiscal Regime
Overlapping Claims Area(ThaiCambodia)
B5
B6
B7
B8
B9
B10
B11
Concessions
ProductionSharing
Contracts
Contract 1-3, 5 Bongkot
21
st
ExpiringConcessions
OCA
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B12
B13
B14
G9/43
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10.20
10.69
12.33
12.63
16.88
16.92
19.58
19.72
20.10
31.41
KTB
AOT
BBL
CPALL
KBANK
SCC
ADVANC
SCB
PTTEP
PTT
(US$bn)
Leading Regional Exploration and Production CompanyLargest publicly-listed E&P company in SoutheastAsia (SEA)
PTT65.3%
Others34.7%
PTTEP Thailand
Moodys Baa1 Baa1
S&Ps BBB+ BBB+
JCR A- A-
TRIS AAA N/A
Shareholding structure
is a subsidiary of PTT Public Company
Limited
and is on par with sovereign ratings
Note: As of 8 August 2014
Note: Corporate ratings for PTTEP; Country ratings for Thailand
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Source: Bloomberg, 12 September 2014
PTTEP is the 2ndlargest company onthe Stock Exchange of Thailand ("SET")
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Notes:* Excludes 3 projects that are pending official withdrawalapproval** Other segments and unallocated assets areconsidered Corporate / Head Office asset, henceclassified under "Thailand
North America (1)1 Exploration
Canada
Africa and Middle East (7)
1 Production1 Development5 Exploration Algeria
Mozambique
Kenya
Oman
Thailand (18)14 Production1 Development3 Exploration
Southeast Asia (16)
6Production10Exploration Vietnam
Indonesia
Myanmar
Australasia (1)
1 Production Australia
Internationally Diversified and Balanced PortfolioWorldwide operations: 44 projects* in 11 countries
South America (1)1 Exploration
Brazil
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Thailand51.4%
Australasia12.6%
Americas9.7%
Africa andMiddle East
11.7%
SE Asia14.6%
PTTEPs Asset Base by Book Value (as of June 30, 2014)**
LNG
Oil
Deepwater Gas(LNG)
Deepwater Oil
Oil Sands
Piped Gas
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Agenda
Thai Energy Industry & Company Overview
Growth Strategy
Financial Performance
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PTTEP Three-Pronged StrategyBalanced approach to become a BIG, LONG and STRONG E&P company
BIG
STRONGLONG
Production target of600 KBOED by 2020
Proved reserves lifeat 10 years
Competitive ROE
MaintainCredit Ratings
VISION
Become a leading Asian E&P company through technology and green practices
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969 901 846
898 885 860
1,350
2,2002,700
0
1,000
2,000
3,000
4,000
5,000
2011 2012 2013
MMBOE
Proved (P1) Probable (P2)
3,217
3,986
4,406
Reserves /Resource Life*
Contingent (2C)
7 Years
14 Years
37 Years
2013 by Geography
Reserves
(P1 + P2 + 2C)P1 P1 + P2
Reserves
P1 P1 + P2
2013 by Product Type
Domestic International
Gas Liquid
Resources Base
(P1 + P2 + 2C)
Resources Base
47%
53%
47%
56%42%
44%
846
1,706
4,406
846
1,706
4,406
* Based on total production of natural gas, crude oil (including bitumen) and condenstate of 329 KBOED for the year ended December 31, 2013Reserves and resources data as of year-end 2013, prior to the KKD asset swap transaction announced on January 30, 2014
5-Year Average Proved ReservesReplacement Ratio (RRR)
2011 2012 2013
1.10x 0.91x 0.82x
Reserves and Resources BaseLarge resources base to support sustainable growth
LONG
58%
53%
26%
74%
30%
70%
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Target Production at 600 KBOED by 2020Clear visibility on growth strategy through international growth andopportunistic M&A
Production Volume (KBOED)
~250
~400
600
Maintain Production Plateau in Domestic Projects
Growth from International Projects Start-ups and Ramp-ups
Evaluate New Exploration and M&A Potentials
Thailand :- S1- Bongkot- Pailin- Arthit- MTJDA
Long-term Contributors :- Myanmar M3- Mozambique Offshore
Area 1- Canada Oil Sands
M&A targets :- Southeast Asia producing assets- North America shale assets
with high liquid content- Other prospects
Discovered Prospects :- Cash / Maple- Algeria HBRNew Frontiers:- Mozambique and Kenya
2013 2020
Near-term Growth :- Montara- Vietnam 16-1- Zawtika- Algeria 433a & 416b
329
BIG
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Effective Investment AllocationAsset rationalization to sustain strong and competitive performance
* Excludes expenditure for M&A opportunities and after KKD asset swap,
STRONG
2,9613,388 3,562
3,0743,514
2,866
1,535
2,010 1,679
1,671
1,742
1,775
328
0
2,000
4,000
6,000
2013 2014 2015 2016 2017 2018
MMUS$
Total Expenditures (2014-2018)* =
CAPEX =
OPEX =
Acquisitions
$25 bn
$16 bn
$ 9 bn
4,824 5,398 5,241 4,745 5,256 4,641Total
Expenditures
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Agenda
Thai Energy Industry & Company Overview
Growth Strategy
Financial Performance
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Sales Volume, Price and Unit Cost
183,314 191,798 203,009
92,609 100,831104,254
0
100,000
200,000
300,000
Liquid Gas
BOED
275,923292,629
Gas ($/MMBTU)
Liquid ($/BBL)
Weighted Avg. ($/BOE)
Avg. Dubai ($/BBL)Avg. HSFO ($/BBL)
(High Sulfur Fuel Oil)
Revenue Mix(Gas : Liquid)
2012
2013
7.59
103.27
64.86
109.03
103.26
46 : 54
7.92
100.15
65.58
105.54
97.52
47 : 53
Sales Volume and Price
0
10
20
30
40
$/BOE
2012
14.95
33.94
DD&A
Royalties
G&A
Exploration Exp.
Operating Exp.
Lifting Cost
Success Ratio
Cash Cost Unit Cost
14.47
2013
15.33
7.65
3.17
1.61
6.18
4.88
38:55
13.61
7.80
3.09
2.11
5.61
4.28
43:54
32.22
Unit Cost
66%
34%
66%
34%
307,263
1H 14
66%
34%
7.96
102.82
66.35
105.22
95.60
47 : 53
20.08
7.14
2.63
1.47
8.11
5.60
17 : 22
1H 14
39.43
16.69
D) Exclude diluent cost for blending bitumen in KKD Oil Sands projectE) Exploration and Appraisal wells
A A
B B
CD
E
C
A) If Vietnam 16-1 retroactive sales are excluded, gas price is$ 8.01 for 2013 and 8.04 $ for 1H 2014
B) If Vietnam 16-1 retroactive sales are excluded, average selling price is66.09 for 2013 and 66.84 for 1H 2014
C) If exclude extra expense from MontarasDevelopment well (H5) :1H 14 Operating Exp. : 6.99$/BOE / Cash cost 15.56 $/BOE / Unit cost : 38.31 $/BOE
Record volume coupled with higher prices
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C
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1H 2014 Cash Flow PerformanceStrong operating cash flows from stronger sales volume
3,4703,675
1,778
100
200
300
400
0
1,000
2,000
3,000
4,000
2012 2013 1H 2014
Operating Cash Flows*
70% 71%
MMUSD KBOE/D
Cash Flow Performance
Sales Volume
EBITDAMargin
* Net of adjustment for the effect of exchange rate changes on cash and cash equivalents. Operating cash flows before exchange rate effect adjustment is:2012 = 3,455 MMUSD ; 2013 = 3,740 MMUSD ; 1H 14 = 1,783 MMUSD
** Operating cash flow included in Source of funds in 1H 14 is shown net of adjustment for the effect of exchange rate changes on cash and cash equivalents
71%
Source & Use of Funds 1H 2014
MMUSD
**
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3,761
2,908
-
1,000
2,000
3,000
4,000
Sources Uses
Operating Cashflows CAPEXKKD Swap Asset Dividends Paid
Bonds Issuance Financing Activities
Hess TH Acquisition( Hybrid Bond + THB Bond )
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Weighted AverageCost of Debt* (%)
[Fixed : Floating]
3.99
[79 : 21]
3.99
[75 : 25]
4.13
[76 : 24]
Average Loan Life*(Years) 7.50 6.81 7.51
1H 2014 Financial PositionHealthy capital structure with low gearing and cost of debt
10,711 11,719 13,251
3,7734,023
4,2745,153
5,8305,352
0.35 0.34 0.32
0.00
0.20
0.40
0.60
0.80
1.00
0
5,000
10,000
15,000
20,000
25,000
2012 2013 1H 2014
Equity (LHS) Interest Bearing Debt (LHS) Other Liabilities (LHS) Gearing Ratio D/E (RHS)
MMUSD D/E Ratio
* Excludes Hybrid bonds
US$89%
CAD11%
US$87%
CAD13%
Capital Structure
Asset
Debt Profi le*
Assets
22,87719,637
21,572
US$90%
CAD10%
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Consistent and solid dividend payout
Dividend 1H 2014
2.55 2.61 2.803.00 3.00
2.482.79
3.003.00
40% 40%38%
40% 40%
0%
25%
50%
0
5
10
2010 2011 2012 2013 2014
Dividend Payment History(No Less Than 30% of Net Income)
1H 2H Payout Ratio
5.035.40
THB per share
Payout Ratio
5.806.00
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Q & A
For more information, please visit our website at
http://www.pttep.com
OR
Contact us via email address at
IR@pttep.com
OR
Call us at +66 2 537 4000
Exploring new horizons, we take every step as learning
http://www.pttep.com/mailto:IR@pttep.commailto:IR@pttep.comhttp://www.pttep.com/8/11/2019 DocumentSSHE_ReportFile_2985CLSA Distribution Final - CLSA Investors Forum September 17 - 18, 2014
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Supplementary Index
1. Thailands Energy Outlook
2. Relationship with PTT Plc
3. Overview of PTTEPs Key Focus Areas
4. PTTEP Project Information
5. PTTEP Management Team
6. 2013 Awards and Recognitions
7. Corporate Social Responsibility
8. Human Rights
9. Organization Structure
10. Ratio Formulas
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2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500 2014
0
400
800
1,200
1,600
2,000
2,400
2,800
2007 2008 2009 2010 2011 2012 2013 2014 2015 2020
Thailands Energy OutlookNatural gasenergy for the future
Source : PTT & EPPO
KBOED Energy Consumption
Source : EPPO
0
1,000
2,000
3,000
4,000
5,000
6,000
2009 2010 2011 2012 2013 2014 2015 2016
Contracted
Domestic
ContractedImport
Gas Demand
Gas MarketMMSCFD @1000 BTU
Gas ConsumptionBy Sector
0
1,000
2,000
3,000
4,000
5,000
6,000
2009 2010 2011 2012 2013 2014 2015 2016
Power
Industry
NGV
MMMSCFD
60%
19%
7%
15%
1%
4%
19%
34%
42%
0 %
2.3 %
15.6 %
45.6 %
36.5 %
Household &Petrochemical
MMSCFD @1000 BTU
Source : PTT & PTTEP
J F M A M J J A S O N D
2013
2011
2012
Gas Consumption
Petroleum Product
Coal & Lignite
Natural Gas
Hydro
Nuclear
LNG
Supplement 1 / 10
Source : PTT & EPPO
59%
20%
7%
14%
JanJun 2013 4,854 MMSCFD
JanJun 2014 4,845 MMSCFD
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Strong Relationship with Majority ShareholderLeveraged and supported by PTT and the Thai Government
Notes:1 Ownership as of 8 August 20142 51.1% is directly held by the Government of Thailand (Ministry of Finance), with the remaining 14.9% held by the state-controlled Vayupak Fund I
PTTEP is the flagship oil & gas exploration and production
arm of PTT, and is critical to the Thai Economy PTTEP supplies approximately a fourth of Thailand's total
petroleum production
PTTEP supplies more than 80% of sales volume to PTT, afinancially strong corporate and Thailands main provider
of natural gas
PTTEP is engaged in long-term gas off-take agreements(generally 25 to 30 years) with PTT, a major source of PTTEPsstable revenue stream
Synergies between PTTEP and PTT in the natural gasvalue chain
PTTEP provides PTT with access to gas production
PTT provides leverage and support for PTTEPs relationships with
other government bodies and agencies
The relationship with PTT provides PTTEP with a competitiveposition to offer integrated solutions to counterparties
Ownership Structure1
Government of
Thailand
Thailands national energy company
66.0%2
65.3%
Supplement 2 / 10
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Supplement 3.1 / 10
ThailandStrong home base with legacy assets maintaining production plateau
Production / Ramp-up Projects
Arthit
Bongkot South S1
Vietnam 16-1
Bongkot (44.4% interest)
Bongkotsproduction capacity of close to 1 Bcf/d represents approximately 20% of
Thailands natural gas supply
Average natural gas sales volume from the Bongkot fields was 860 MMSCFD during
1H 2014
Average condensate sales volume was 29 KBPD in 1H 2014
S1 (100% interest)
S1 is the largest onshore crude oil production field in Thailand
Average crude oil sales volume was 28 KBPD during 1H 2014
Arthit (80% interest)
Average sales volume during 1H 2014 was 217 MMSCFD of natural gas and 8.9
KBPD of condensates
Acquisition of Hess Assets in Thailand
PTTEP successfully acquired Hess Corporations working interests in the Contract 4project and Sinphuhorm project, and now holds 60% working interest in the Contract
4 project and 55% working interest in the Sinphuhorm project . PTTEP has also
become the operator of the Sinphuhorm project
The Contract 4 project had an average sales rate of 387 MMSCD for natural gas and
29 KBPD for condensates during 1H 2014
S1
Bongkot Arthit
Contract 4
Contract 4
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Southeast Asia: Myanmar
A significant contributor to growth, with high potential blocks
Production / Ramp-up Projects
Exploration / Appraisal Projects
Progress ofZawtikadevelopment
PSC-Gand EP-2
M3
Yadana
Zawtika
M11
Yetagun
Zawtika (80% interest)
Began delivering gas to Myanmar in March 2014, and to Thailand in August 2014
Currently delivering at full DCQ of 300 MMSCFD
M3 (80% interest) & M11 (45% interest)
Appraisal drilling campaign in M3 completed in August 2013, with gas andcondensate discoveries
Plan to drill 3 more appraisal wells during 2H 2014 to f irm up resource potential
The M11 project is in the process of assessing the potential of remaining areas inorder to plan for further exploration activities
PSC-G and EP-2 (90% interest) Completed 2D seismic acquisition in December 2013
Currently drilling 1 exploration well with 2 more planned during 2H 2014
MD-7 and MD-8 (100% interest)
Completed 2D seismic acquisition for planning of further exploration activities
MOGE-3 (85% interest)
Signed a PSC on August 8 thwith MOGE for exploration and production rights.
Yadana (25.5% interest)
Average sales volume of 726 MMSCFD of natural gas in 1H 2014
Yetagun (19.3% interest)
Sales volume averaged 347 MMSCFD for natural gas and 7.7 KBPD forcondensates in 1H 2014
MD-7 & MD-8
Zawtika Processing Platform andLiving Quarters
Supplement 3.2 / 10
MOGE-3
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Southeast Asia: Vietnam and Indonesia
Reinforcing regional exposure through strategic partnerships
Vietnam 16-1 (28.5% interest)
Average crude oil sales volume of 35.7 KBPD in 1H 2014
Successful drilling of an appraisal well in area H5 in August 2013 with further
development plan to maintain production rate at 40,00045,000 BPD
Natuna Sea A (11.5%* interest)
Acquired interest from Hess Corporation through joint partnership with Pertamina in
December 2013
Average sales volume of natural gas was 217 MMSCFD, and average sales volume of
crude oil was 857 BPD during 1H 2014
Production / Ramp-up Projects
Vietnam 16-1
Natuna Sea A
* Net participating interest from 50/50 joint partnership with Pertamina to acquire 23% interest in the project
Vietnam 16-1
Natuna Sea A
Source : Premier Oil
Supplement 3.3 / 10
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East Africa: Mozambique
A region positioned for the Asia LNG Market
Source: Anadarko, Woodmackenzie
Area 1 (8.5% interest)
Advancing towards 50 MMTPA Abundant resource based estimated at 50 to 70+ TCF of recoverable natural gas
Reserve certification sufficient for two 5 MMTPA LNG trains
Secured non-binding Heads of Agreement for LNG off -take for more than one 5MMTPALNG train
Evaluation of competitive feed studies under way
Location and Cost Advantages
High quality reservoirs
Proximity to shore; 5 to 25 miles
Scalable onshore development
Supplement 3.4 / 10
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AustraliaEnsuring smooth Montara production ramp-up and Cash/Maple development
Production / Ramp-up Projects
Exploration / Appraisal Projects
Montara
Cash / Maple
Montara (100% interest)
First production began in June 2013 through the Montara Venture FSPO
Currently producing from 8/9 wells at an average rate approximately 25 KBPD
In relation to the Montara Incident, 98% of the amount recoverable underPTTEPAA's insurance policy, US$242m has been received as of 1H 2014
Cash / Maple (100% interest)
Spudded Maple-East exploration well during Q2 2014, with results expectedduring 2H 2014
Currently in the process of considering commercial options for the development ofthe field
Montara Venture FPSO
Supplement 3.5 / 10
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Canada Mariana Oil SandsFlexibility to pursue strategic direction in the long-term growth project
The Asset Swap
On 28 May 2014, the conditions precedent to closing, prescribed in thePartnership Unit Redemption Agreement (PURA), have been duly satisfied, andthe PURA has been completed.
PTTEP Canada Limited now owns and operates 100% of the Thornbury,Hangingstone and South Leismer areas (THSL), and has received from StatoilCanada a total of 419 million US dollars.
PTTEP will begin the Winter Evaluation program of the Thornbury field inDecember 2014.
Supplement 3.6 / 10
Hangingstone
Thornbury
South Leismer
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PTTEP Projects Information (1 / 4)
Project PTTEPsShare
Partners 1H 2014 Average Sales Volume * 2014 Key ActivitiesGas Oil and Other
Production Phase
Thailand and JDA1 Arthit 80% Chevron
MOECO16%
4%217 MMSCFD
Condensate: 8.9 k BPD- Ensure gas deliverability level above 220 MMSCFD
Drill Exploration/Appraisal wells
2 B6/27 60% JX NOEX 40% N/A N/A Completed 1 exploration well (Nok Kaew-1)
3 B8/32 & 9A 25% ChevronMOECOKrisEnergyPSTL
51.66%16.71%
4.63%2%
111 MMSCFD Crude: 30 k BPD Drill Development wells
4 Bongkot 44.4445% TOTALBritish Gas
33.3333%22.2222%
860 MMSCFDCondensate: 29 k BPD
- Drill Exploration / Appraisal / Development wells
5 Contract 3(Formerly
Unocal III)
5% ChevronMOECO 71.25%23.75% 635 MMSCFDCondensate: 18.6 k BPD Crude: 23k BPD
Drill 1 Exploration well / Development wells
6 Contract 4(Formerly
Pailin)
60% ChevronMOECO
35%5%
387 MMSCFDCondensate: 18 k BPD
- Drill Exploration / Appraisal / Development wells
7 E5 20% ExxonMobil 80% 12 MMSCFD -
8 G4/43 21.375% ChevronMOECOPSTL
51%21.25%6.375%
2.4 MMSCFD Crude: 5k BPD Drill Exploration / Development wells
9 G4/48 5% ChevronMOECO
71.25%23.75%
11 MMSCFD Crude: 1.5 k BPD
10 L53/43 &L54/43
100% - Crude: 151 BPD Drill Exploration/ Appraisal wells
11 PTTEP1 100% - Crude: 284 BPD
12 S1 100% 27 MMSCFD Crude: 28 k BPD Maintain production level above 30,000 BPD Continue Exploration and development activities
13 Sinphuhorm 55% ApicoExxonMobil
35%10%
120 MMSCFDCondensate: 497 BPD
- Drill 1 Development well
14 MTJDA 50% Petronas-Carigali
50% 325 MMSCFDCondensate: 6.8 k BPD
- Drill 2 Appraisal wells
* Sales volume stated at 100% basis.Supplement 4.1 / 10
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PTTEP Projects Information (2 / 4)
* Sales volume stated at 100% basis.
Project PTTEPsShare
Partners 1H 2014 Average Sales Volume * 2014 Key Activities
Gas Oil and Other
Production Phase
Overseas15 Oman 44 100% 27 MMSCFD
Condensate:2.1 k BPD
- Drill Exploration / Appraisal wells Maintain production rate
16 Vietnam 9-2 25% PetroVietnamSOCO
50%25%
15 MMSCFD Crude: 5.5 k BPD Drill 1 Development well
17 Yadana 25.5% TOTALChevronMOGE
31.24%28.26%
15%
726 MMSCFD - 3D Seismic acquisition of 3,335 sq.km.
18 Yetagun 19.3178% Petronas-Carigali
MOGENippon OilPC Myanmar(Hong Kong)
30.00140%
20.4541%19.3178%
10.90878%
347 MMSCFDCondensate:
7.7 k BPD
- Drill 1 exploration well and 2 development wells
19 Vietnam 16-1 28.5% PetroVietnamSOCOOPECO
41%28.5%
2%
57 MMSCFD Crude: 35.7K BPD
Drill 1 development well H5 development Sanction expected in Q2 2014
20 PTTEP Australasia(PTTEP AA)
20%-100%(varied by
permits)
- Crude: 16 k BPD Completed 1 exploration well (Dillion South-1) Drilling 1 exploration well (Maple East-1)
21 Natuna Sea A 11.5% Premier OilKUFPEC
PetronasPertamina
28.67%33.33%
15%11.5%
217 MMSCFD Crude: 857 BPD
22 Zawtika(M9 & a part of M11)
80% Myanma Oiland GasEnterprise(MOGE)
20% 30 MMSCFD - Successfully delivering gas to Myanmar since lateMarch 2014
Successfully delivering gas to Thailand since earlyAugust 2014
Daily contractual quantity at 300 MMSCFD (80% toThailand and 20% to Myanmar)
Supplement 4.2 / 10
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PTTEP Projects Information (3 / 4)
Project PTTEPsShare
Partners 2014 Key Activities
Development Phase:
Thailand and JDA23 L22/43 100% Drill 3 Exploration wells
Fabrication and installation of Wellhead production facility
Overseas
24 Algeria 433a & 416b(Bir Seba)
35% PetroVietnamSonatrach
40%25%
Drill 4 Development wells Continue Engineering, Procurement & Construction (EPC) work First oil expected in the end of 2014
Project PTTEPsShare
Partners 2014 Key Activities
Exploration Phase
Thailand and JDA
25 A4, 5 /48 100% G&G Studies
26 G9/43 100%
27 L28/48 70% Resourceful Petroleum(Thailand)
30% To P&A Ratana-1 and Ratana-2 well
Overseas
28 Myanmar M3 80% MOECO 20% Drill 3 appraisal wells
29 Mozambique RovumaOffshore Area 1
8.5% Anadarko, Mitsui,ENH, Bharat Petroleum,BREML, OVL
26.5%,20%15%,10%,10%,10%
Drill 6 Exploration and 5 Appraisal wells Complete FEED / FID for Mozambique LNG Project
30 Algeria Hassi BirRekaiz
24.5% CNOOCSonatrach
24.5%51%
Drill 3 Appraisal wells Studies and FDR Preparation 3D seismic acquisition of 1,000 sq.km
31 Indonesia Semai II 28.33% MurphyINPEXPT Pertamina Hulu EnergiSemai II
28.33%28.33%
15%
Drill 2 Exploration wells G&G Studies
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PTTEP Projects Information (4 / 4)
Project PTTEPsShare
Partners 2014 Key Activities
Exploration Phase (cont)
Overseas (cont)32 Indonesia South
Mandar34% Talisman
TOTAL33%33%
Negotiation with Total (Operatorship transfer & Carry cost)
33 Indonesia Malunda 100% Conduct new 3D seismic over the new oil plays Continue divestment effort
34 Myanmar M11 45% TOTALJX NOEX
40%15%
G&G Studies
35 Vietnam B & 48/95 8.5% ChevronMOECOPVEP
42.38%25.62%
23.5%
Negotiate a GSA with the Vietnamese government
36 Vietnam 52/97 7% ChevronPVEP
MOECO
43.4%30%
19.6%
Negotiate a GSA with the Vietnamese government
37 MyanmarPSC-G and EP-2
90% WinPreciousResources 10% Drill 2 Exploration wells
38 MozambiqueRovuma Onshore
10% Anadarko, Maurel&Prom,ENH, Wentworth Resources
35.7%,27.7%15%,11.6%
Drill 2 Exploration wells Acquire 2D seismic acquisition over prospect area
39 Kenya L10A 31.25% BG, Pan Cont. 50%,18.75% Conduct G&G studies Completed 1 Exploration well (Sunbird-1) 3D seismic acquisition of 2,000 sq.km.
40 Kenya L5, L7, L11,L11B, L12
10% Anadarko, Total 50%,40% Drill 1 Exploration well in Block L11B Conduct G&G Studies
41 Myanmar MD 7 andMD 8 100%
2D seismic acquisition and processing
42 Mariana Oil Sands 100% Completion of asset swap on 28 May 2014 Pre-FEED for the first production phase of the Thornbury field
43 Barreirinhas AP1 25% BG Brasil 75% 3D seismic acquisition
44 MOGE 3 85% Palang Sophon OffshoreWinPreciousResources
10%5%
Environmental Impact Assessment/ Social Impact Assessment
Supplement 4.4 / 10
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Certified Member of Thailands Private Sector Collective Action
Coalition against Corruption Council (CAC)-Thailands Private Sector Collective Action Coalition
against Corruption Council (CAC)
2014 DJSI Listed Company in the Sustainability World Index ofthe Oil & Gas Sector .
-The Dow Jones Sustainability Indexes (DJSI)
Global CSR Award 2014 : Best Community Program
- Pinnacle Group International Singapore
Best Public Company 2014 inthe Resources Industry
-Money and Banking magazine
(Pictured right)
Best CEO (IR), Best CFO(IR),Best EnvironmentalResponsibility,and Best IR Company
-Corporate Governance Asia
Top 50 Publicly Listed
Company in Thailand :ASEAN Corporate GovernanceScorecard 20132014
-Thai Institute of Directors (IOD)
Best CEO and Best CFO
-The Investment Analysts
Association (IAA)
(Pictured Left)
Picture
(Award)
Best Strategic Corporate CSR & Best Senior Management IRSupport
- Alpha Southeast Asia Magazine
2014 Awards and RecognitionsAccolades of excellence in operations and management from accredited institutions
Supplement 6 / 10
C S
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Corporate Social ResponsibilityCommitted to Sustainable Development through Environmental Conservationand Community Development everywhere we operate
LEGEND
Cultural Heritage Preservation5 Sites; e.g. Khao Yai, Kampaeng Phet
Marine Habitat RestorationArtificial Reefs, Fisheries
Environmental & Reforestat ion Projects
In Thailand : 200,000 rais between 2013-2020
Promot ion of Educat ionScholarships, Mobile Libraries, Tutor Camps
Promo tion o f Health, Hygiene, & Social NeedsHealth Stations, Hospital Renovations, Utilities Improvement
Myanmar
Canada
Australia
Oman
Thailand
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Human RightsEmphasis on the well-being of employees, partners and customers
PTTEP
Is responsible for labor rights in any operational area,strictly prohibiting child labor and forced labor
Makes fair employment and fosters safe workenvironment, regardless of local laws on human rights,in which PTTEP operates
Works only with ethical partners, who have no record ofany infringement of human rights
Promotes communication between executives andemployees through employee empowerment
Is ready to provide proper and necessary benefits toenrich employees' quality of living
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36Supplement 9 / 10
Corporate StructureBoard of Directors and committees to ensure transparency and integrity
Nominating Committee
Remuneration Committee
Risk ManagementCommittee
President and CEO
Strategy andBusiness
DevelopmentGroup
Geosciencesand
ExplorationGroup
Engineeringand
DevelopmentGroup
OperationsSupport Group
Technologyand
SustainabilityDevelopment
Group
HumanResources and
BusinessServices Group
Finance andAccounting
Group
DomesticAsset Group
InternationalAssetGroup
Legal DivisionCorporate
Secretary OfficeInternal AuditDepartment
Board of Directors
Corporate Governance Committee
Audit Committee
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Ratio Formulas
Ratio
Formula
Lifting Cost ($/BOE)(Operating Exp.Transportation CostStock VariationOther expense not related to lifting) / Production
Volume
Cash Cost ($/BOE) (Operating Exp. + SG&A + Royalty & SRB) / Sales Volume
Unit Cost ($/BOE) (Operating Exp. + Exploration Expense + SG&A + Royalty + DD&A) / Sales Volume
Reserves Replacement Ratio 5-Yr Additional Proved Reserves / 5-Yr Production Volume
Reserves Life Index (Year) Proved Reserves / Production Volume
Success Ratio Number of wells with petroleum discovery / Total number of exploration and appraisal wells
EBITDA (Sales + Revenue from pipeline transportation) - (Operating expenses + Exploration expenses +
Administrative expenses + Petroleum royalties and remuneration + Management's remuneration)
EBITDA Margin EBITDA / Sales Revenue
Total Interest Bearing DebtShort-term loans from financial institution + Current portion of long-term debts + Bonds + Long-term loans
from financial institution
Total Debt to Equity RatioTotal interest bearing debt/ Shareholders' equity
Total Debt to EBITDA RatioTotal interest bearing debt / Trailing-12-month EBITDA
Dividend Payout Ratio Dividend Payment / Net Profit
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