No go: PTTEP has come up dry off Burma
Burma duster burns PTTEP
Thailand's PTT Exploration & Production said today it would write off 930 million baht ($27 million) in the fourth quarter of 2008 for a dry well in Burma's offshore M3 block.
The company said its 80%-held PTTEP International unit, the operator of the block, did not find enough natural gas in the Janaka-2 exploration well to make it commercially viable.
CNOOC Myanmar owns the remaining 20% of the block in the Gulf of Mataban, Reuters reported.
Last month, PTTEP said it would write off 975 million baht in the fourth quarter for a dry well in the M7 block in Burma.
At 0345 GMT, PTTEP shares were down 4.3% at 99.50 baht, while the overall Thai stock market was 0.7% lower, Reuters reported.