PTTEP has received Thai government approval to transfer a 40% working interest in two offshore Gulf of Thailand blocks to Valeura Energy under a strategic farm-in agreement between the companies.
Thailand's Cabinet granted executive approval for PTTEP Energy Development Company, a subsidiary of PTT Exploration and Production Public Company (PTTEP), to transfer the interest in blocks G1/65 and G3/65.
Under the farm-in, Valeura will earn a 40% undivided working interest in the blocks by paying PTTEP 40% of previously incurred costs and funding a 163-square-km 3D seismic survey over the Nong Yao Northeast focus area.
Valeura estimated the total amount payable at $25.6 million as of August 31, including a $1.85 million deposit already paid and $2.8 million for the carried 3D seismic acquisition.
The costs also include Valeura's share of previously incurred spending on 1,184 square km of 3D seismic over other focus areas, four exploration wells drilled in 2025, geotechnical studies, licence award fees and development planning.
PTTEP and Valeura are continuing to share information to support planning for the next phases of exploration and development on the two blocks.