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EXPLORATION AND PRODUCTION ARM OF PETROLEUM AUTHORITY OF THAILAND TO MAKE INTERNATIONAL PUBLIC OFFERING OF SHARES

 NEW YORK, March 2 /PRNewswire/ -- PTT Exploration and Production Public Company Limited (PTTEP), the wholly owned exploration and production (E&P) arm of the state-owned Petroleum Authority of Thailand, will make a public offering of 39.96 million shares at Baht 33 per share (approximately US $1.29) prior to listing on the Stock Exchange of Thailand. The subscription period for the share offering will be March 16-18. PTTEP has appointed Barclays de Zoete Wedd and Goldman Sachs as financial advisors and lead managers for the international tranche of the share offering.
 The shares to be offered to the public represent about 15 percent of PTTEP's total share capital. Of the 39.96 million shares on offer, 13.46 million have been earmarked for overseas investors and the remaining 26.5 million will be made available to domestic investors. PTTEP is the first E&P firm to be listed on the Stock Exchange of Thailand.
 In 1992, PTTEP earned a consolidated net profit before special items of Baht 335 million (approximately US $13.14 million) on total revenue of Baht 1,617 million (approximately US $63.41 million). Earnings per share before special items totalled Baht 1.52 (approximately US $0.06). Consolidated net profit after special items was Baht 186 million (approximately US $7.29 million) and earnings per share after special items was Baht 0.84 (approximately US $0.03).
 According to PTTEP President Viset Choopiban, funds raised from the public offering will be used inter alia to finance expansion of PTTEP's exploration and production activities in Thailand and Southeast Asia.
 Established in 1985, PTTEP has to date invested more than Baht 12 billion (approximately US $480 million) in oil and gas projects, including three already in production, the off-shore Bongkot Natural Gas Field in the Gulf of Thailand set to begin production in mid-1993, and one project in the exploration stage. PTTEP's international partners in the various projects include Thai Shell, Esso, Mitsui, Total, British Gas, Statoil and Unocal. PTTEP is currently involved in discussions with state oil and gas authorities in Myanmar, Malaysia and Vietnam for a number of joint exploration and development projects overseas, including the Thailand-Malaysia Joint Development Area (JDA) in the Gulf of Thailand, Myanmar's Gulf of Moattama and the South China Sea off the coast of Vietnam.
 PTTEP's public offering follows the company's earlier decision to raise its share capital from Baht 2,200.4 million (approximately US $88 million) to Baht 3,100 million (approximately US $124 million) through the issuance of 89.96 million new shares, 39.96 million of which will be offered to the public at this time with the remainder to be offered at a later date.
 -0- 3/2/93
 /CONTACT: Robert E. Swadosh of Golin/Harris, 212-697-9191, for PTT Exploration and Production Company Limited/


CO: PTT Exploration and Production Company Limited ST: IN: OIL SU: OFR

LR-OS -- NY067 -- 1957 03/02/93 12:35 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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