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 The acquisition is carried out by its subsidiary, PTTEP Australia Browse Basin Pty Ltd. OMV Timor Sea engages in investment and development of oil and gas exploration and production business in Australia.

 In the filing to the Stock Exchange of Thailand, PTTEP said that OMV Timor Sea Pty Ltd has operation in Audacious and Tenacious offshore fields, which are expected to start production within two years, together with five other exploration assets with an upside petroleum probable reserves and resources of oil and natural gas capable for development in the future.

 OMV Timor Sea Pty Ltd also holds 18.75 per cent participation interest in Jabiru and Challis Fields which are operated by PTTEP.

 "The acquisition of OMV Timor Sea Pty Ltd is in line with

PTTEP's key strategic objectives of expansion in Australia which allows for

cost saving from the synergy of facilities of the existing projects," the company said.