PTTEP mulls refinancing options for samurai bonds
PTT Exploration and Production (PTTEP) is considering whether to issue baht-denominated bonds or bills of exchange, or a mixture of both, to refinance US$193 million (Bt7 billion) worth of maturing bonds next year.
Chief financial officer Chatchawal Eimsiri yesterday said the company's samurai bonds would mature next September and that it was looking to refinance the entire amount with new debt instruments. Meanwhile, the company reported to the Stock Exchange of Thailand that it had drilled an exploration well, Ton Chan-1X, in a new structure located in the production area of the northern part of the Bongkot concession block to a depth of 3,442 metres. The well encountered natural gas-bearing sands with a total thickness of 143 metres in the stratigraphic trap. It is the first exploration well in last the last eight years of the Bongkot Project. The successful drilling results indicate a potential to discover additional natural-gas reserves in the Bongkot Project's production areas. PTTEP reported it would conduct additional drillings to estimate the petroleum reserves and prepare a development plan for future production. PTTEP owns 44.45 per cent of the Bongkot concession block, Total E&P Thailand 33.33 per cent and BG Asia Pacific 22.22 per cent.
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