PTTEP in floating LNG project

Further to the Golar LNG ("Golar") announcement in August 2008 of the MOU signed between Golar and

It also reached an agreement in principles for the commercial structuring of the FLNG project, which provides for Golar to participate in the gas value chain on a 50:50 basis with PTTEP. It is intended that Golar will farm into the gas reserves held by PTTEP resulting from its recent acquisition of Coogee Resources Ltd.

Golar CEO Gary Smith commented "PTTEP has a clear strategy to expand its E&P business internationally and brings to the partnership strong capabilities that are complementary to Golar's floating mid-stream capability."

Golar recently announced that it intended to restructure the company to form a subsidiary company that will be focused on project development. The development of this FLNG opportunity will clearly form an important part of this new company. In due course the new company will likely raise additional capital and will seek a separate listing.

'We see great opportunities for Golar to play an important part in developing the LNG market by providing new technology and flexible mid stream solutions to meet the needs of our close customers."

PTTEP earlier acquired Australian producer Coogee Resources Ltd in February, and renamed it to PTTEP Australasia. It engages in investment in, and development of, oil and gas exploration and production assets in Australia.