The discovery was made by its subsidiary PTTEP Australasia (Ashmore Cartier) following the drilling of the Orchid-1 exploration well to a total depth of 2,925m.
The exploration well, which was spudded in January, intersected gas and condensate with the net pay thickness of about 34m.
The company, in a statement, said: “The result is in line with PTTEP’s expectation and will be incorporated into development planning of Cash-Maple field which contains 3.5 TCF of resources.”
Permit AC/P54 is part of the PTTEP Australasia Project, which also includes the permits AC/L3, AC/RL4, AC/RL5, AC/RL6, AC/RL7, AC/RL10 and AC/RL12, all contained in the Timor Sea off northern Western Australia.
The AC/RL7 permit contains the Cash-Maple field for which the pre-FEED study was completed in the fourth quarter of 2018. Currently a development plan for the offshore field is being evaluated.
In February 2018, the company said that it will undertake an exploration and appraisal drilling program in the AC/P54 permit and the retention lease AC/RL7. The program involves the drilling, evaluation and abandonment of up to five wells in the next few years, starting with the Orchid-1 well.
The company then said that the proposed exploration wells will target prospects that are likely to hold light crude oil and condensate.
In the fourth quarter of 2018, PTTEP completed sale of 100% stake in the producing Montara field in the Timor Sea to Jadestone Energy (Eagle) for $195m as part of a portfolio rationalization strategy.
Last month, the Thai state-owned energy company said that it will invest nearly THB1.0trillion ($32bn) in the Bongkot and Erawan fields located offshore Thailand.
The further development of the two offshore fields will be taken up to ensure continuity of their natural gas production.
The company expects to produce at least 700 million cubic feet per day (MMSCFD) and 800 MMSCFD from the Bongkot and Erawan gas fields, respectively, through the investment.
