PTT Exploration & Production: New CEO to drive vol growth; could Lang Lebah raise 2P reserves by >10%?

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PTT Exploration & Production: New CEO to drive vol growth; could Lang Lebah raise 2P reserves by >10%?

roved by 3Q26 with first production

expected in 2028/29 at 200 mmcfd gas and 15kbd oil. Our estimate of a Key Changes (FYE Dec)

potential 10% hike in 2P reserves is conservative given market expectations of Prev Cur Δ

high costs associated with sulfur treatment and CCUS. As technology matures, Adj. EPS - 27E (Bt) 18.20 18.63 2.4%

we do not rule out the potential for improved project economics to increase

Lang Lebah’s 1P gas reserves by 30% vs. 2025A in the long term. Style Exposure

• Rising policy focus on gas security: PTTEP’s management was remarkably

candid about their views on Thailand's energy security, international gas prices

and the Middle East conflict (including Khun Montri’s experience in Iran and

the difficulties surrounding a lasting peace deal) - all views that we agree with.

The company emphasized a stronger need for Thailand's energy security

against the current geopolitical backdrop and emphasized that PTTEP is

Thailand’s lowest cost gas supplier (costs significantly below spot LNG) and

has a 70% gas mix.

• Targeting 50% net income growth from ex-Thailand hubs by 2035: PTTEP

will focus on growth in countries it is already operating in and has deep insight

into - these include Thailand, Myanmar, Malaysia and Oman. Management

noted that the UAE project is on the drawing board, with some possible

opportunities in Algeria (HBR Phase 2). In Mozambique Area 1, PTTEP

remains partners with Total and notes activities have fully resumed. The

company has no plans to expand in countries outside of its existing footprint.

• Technology breakthrough with Thailand’s first Total Wellhead Platform

reuse? In 2Q26, PTTEP successfully completed the plan to reuse an entire