Thailand's PTT Exploration and Production (PTTEP) is boosting its acreage in the Timor Sea with a $10 million deal to buy assets from Austria's OMV. These include stakes in five Australian exploration blocks - AC/P4, AC/P17, AC/P24, AC/RL 4 and 5 and AC/RL 6 - and an 18.75% interest in the Jabiru and Challis fields, where PTTEP already has 71%. A PTTEP spokeswoman said production from two of the exploration blocks can be expected in the next two years as net proved reserves have been certified and the fields can be tied back to production facilities at Challis.
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