PTT Exploration and Production Public Company Limited (SET: PTTEP) has informed the Stock Exchange of Thailand that on 16 April 2025, PTTEP HK Holding Limited, a subsidiary of PTTEP, has entered into a Sale and Purchase Agreement (SPA) to acquire 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) Limited, and PHT Partners LP.
The consideration of the transaction is $35 million, subject to customary net working capital adjustments and other items according to the agreement, and the contingent payment at amount of $3.5 million, if the pre-agreed conditions under SPA are accomplished.
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) Limited.
This transaction was completed on the same day, and PTTEP has increased its participating interest from 80.487% to 90% in the Sinphuhorm Project. Sinphuhorm Project is an onshore natural gas field located Northeastern of Thailand. In 2024, the project’s average natural gas and condensate production was 105 million standard cubic feet per day (17,226 barrels of oil equivalent per day) and 222 barrels per day, respectively.
This investment aligns with PTTEP’s mission to ensure energy security, while it also increases production volume and petroleum reserves to bolster the company’s future growth.
