PTT E&P: Drilling Result Shows Myanmar Block M7 Not Viable

PTT E&P: Drilling Result Shows Myanmar Block M7 Not Viable

BANGKOK -(Dow Jones)- Thailand's PTT Exploration & Production PCL (PTTEP.TH) said Thursday the drilling result of the M7 exploration well block offshore Myanmar showed gas discovery wasn't adequate to start commercial operations.

A wholly owned unit of the company is the operator and sole shareholder of the M7 exploration block in the Gulf of Mataban, PTTEP said in a statement to the Stock Exchange of Thailand.

The parent firm also said it will write off its THB975 million ($27.4 million) investment in the block in the fourth quarter.

-By Phisanu Phromchanya, Dow Jones Newswires;

nasdaq.com


Its PTTEP International Ltd subsidiary said in a statement it
had not found enough natural gas in its Janaka-1 exploration well
in Myanmar's offshore M7 block to operate commercially.

PTTEP International Ltd is the operator and sole stakeholder
of exploration block M7 in the Gulf of Mataban.

Thai PTTEP plans $27 mln write-off for Myanmar well (Ptt Exploration & Production Public)