PTTEP 13061/00-8648/2017
Investor Relations
Tel. 0-2537-5919, 0-2537-5304, 0-2537-5779,
0-2537-4446, 0-2537-4000 ext. 800-7374

19 October 2017

President
The Stock Exchange of Thailand
93 Ratchadaphisek Road, Dindaeng
Bangkok 10400

Dear Sir,

Subject: Revision of the development plan for the Mariana Oil Sands Project in Canada

PTT Exploration and Production Public Company Limited (PTTEP), through its wholly owned subsidiary, PTTEP Canada Limited, operates and owns 100% stake in the Mariana Oil Sands Project in Canada.

Through active and continuous assessment of the industry, and the commercial feasibility studies for the Mariana Oil Sands Project, PTTEP has made a decision to revise the project's development plan which involves delaying the project's Final Investment Decision (FID). This revision to the project's development plan will result in the Company recognizing an impairment loss on the asset of approximately USD 550 million, and will be recorded in PTTEP's Consolidated Financial Statements for the third quarter of 2017. The recognition of such impairment loss is done in accordance with accounting standards, and does not impact the Company's cash on hand and cash flows.

PTTEP continues to actively monitor and assess the industry and the oil price environment in order to manage its project portfolio most effectively and create value for the Company and its shareholders.

Please be informed accordingly.

Sincerely yours,

Somporn Vongvuthipornchai

Somporn Vongvuthipornchai
President and Chief Executive Officer

PTT Exploration & Production pcl published this content on 19 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 October 2017 10:30:05 UTC.

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