Significant Upstream Deal – Snapshot This Is a Snapshot of the Full Report

Companies & Transactions Significant Upstream Deal – Snapshot This is a snapshot of the full report. Please register to request for the full version or for further enquiries. IHS Herold

PTTEP expands its strategic alliance and presence in the Middle East

PTTEP to acquire Partex from Calouste Gulbenkian Foundation for $622 mn Target overview Transaction terms

Interest in upstream (onshore and o shore) and midstream Cash payment of $622 million assets in Oman, Kazakhstan, Brazil, Angola, and UAE

Primarily holds nonoperating interests; operates Brazil’s Potiguar Basin fields 100% shareholding in Partex from Calouste Gulbenkian Foundation Key projects: Block 6, Mukhaizna, and Oman LNG in Oman, ADNOC gas processing unit in Abu Dhabi Expected closing in fourth Oil production from Oman, Kazakhstan, and Brazil; Angola quarter 2019 block is in predevelopment stage

Strategic rationale Transaction metrics

1. Acquire producing assets in prolific Middle East region 2P reserves Buyer 2. Pursue alliances with Middle Eastern NOCs and (MMboe) 65 experienced regional operators 3. Boosts PTTEP’s reserve life, which is currently at five years Production (boe/d) 16,000

Implied 2P reserves 1. Portfolio diversification for long-term investment returns value ($/boe) $9.57 Seller 2. Exit from fossil fuels business to attain Foundation’s sustainability objectives Implied production 3. Aligns with Foundation’s philanthropic nature of activities value ($/boe/d) $38,875

Key acquisitions by PTTEP since 2018 Top 3 most active countries, buyers, and sellers $2,127 million – $64 million – Agreed to UAE 10 1. Total Agreed to acquire Murphy’s acquire 33.8% stake in 2. CNPC Malaysia portfolio APICO LLC 3. Eni Iraq 4 $750 million – $64 million – Awarded 1. ADNOC Acquired Shell’s stake in Erawan field and Bongkot 2. Kuwait Energy Oman 3 Bongkot field fields in Thailand 3. Shell

Notes: Most active countries, buyers, and sellers are based on Middle Eastern deal count from 1 January 2018 to 17 June 2019. Deals include acquisitions, swaps, mergers, and joint ventures with disclosed value ≥ $10 million. NOCs = national oil companies. Foundation = Calouste Gulbenkian Foundation. CNPC = China National Petroleum Corp. ADNOC = Abu Dhabi National Oil Company.

Commodity Benchmark Price Assumptions IHS Herold Valuation Methodology