Thailand's PTT Exploration & Production (PTTEP) has sold its 100%-held Montara oilfield off Australia to Jadestone Energy (Eagle).

The deal is worth US$195 million, but Bangkok-headquartered PTTEP could earn up to an additional US$160 million depending on production rates, future oil prices and future development milestones.

Upstream reported last month that PTTEP was considering major asset sales, with Montara identified as one possible sales target.

PTTEP said on Monday that the sale was done "to align with the company’s business strategy aimed to focus on the operations and projects in the strategic locations".