Bongkot field. Credit: © PTT Exploration and Production Plc.

PTTEP Australasia (Ashmore Cartier) has signed an agreement to sell 100% stake in the Montara field to Jadestone Energy in a deal valued at $195m, subject to further adjustments.

The sale of the Timor Sea field near northern Australia forms part of the company’s strategy to streamline its portfolio and concentrate on its core operations and projects.

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Under the acquisition, PTTEP will be entitled to receive additional contingent consideration of up to $160m, in addition to the agreed purchase price, subject to certain production, oil price and future development milestones.

PTTEP CEO Somporn Vongvuthipornchai said: “The sale of the Montara field is in alignment with our strategic direction in increasing investments in our focused areas in South East Asia and the Middle East, where we have experience and expertise.

“These areas have high petroleum potential, low-cost structure, as well as low risks that will help us add more petroleum reserves.”

“These areas have high petroleum potential, low-cost structure, as well as low risks that will help us add more petroleum reserves and enhance long-term growth for the company.”

In the first half of this year, the average production volume from the Montara field was nearly 7,694bpd.

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The sale is subject to regulatory approvals from Australia’s National Offshore Petroleum Titles Administrator (NOPTA), and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).

Last month, PTTEP completed the acquisition of Shell’s 22.2222% stake in Bongkot, a natural gasfield in the Gulf of Thailand.

The acquisition increased PTTEP’s stake in the Bongkot field to 66.6667%, while the remaining 33.3333% stake is with the French firm Total.