(Unofficial Translation)

Annual Information Disclosure Form 56-1

As of December 31, 2003

PTT Exploration and Production Public Company Limited

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  Content

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Page DISKETTE FILE:

A. Cover – Content A – D PTTEPEA.DOC

1. Summary 1 PTTEPEB.DOC

2. Security Issued Company 2 PTTEPEC.DOC

3. Risk Factors 3 PTTEPED.DOC

1.  Risks in Business Operations 3

    1.  Fluctuations in oil and petroleum product prices 3

    2.  Risks from hazards in business operations 3

    3.  Risks in natural gas market and sales 4

    4.  Risks in natural gas production from new fields 4

    5.  Risks from overseas investment 5

2.  Risks in administration and management 5

  3.2.1 Risks from major shareholder of shares exceeding 50% 5

  3.2.2 Risks in administration 5

3.  Financial risks 6

    1.  Risks in exchange rate fluctuations 6

    2.  Risks in Interest rate changes 6

4. Nature of the Business 7 PTTEPTE.DOC

  4.1 Establishment / Changes / Significant Development 7

  4.2 Business Overview 8

  4.2.1 Business Objective 8

  4.2.2 Shareholding Structure 9

  4.2.3 Project Investment Structure 10

  4.3 Revenue Structure 11

  4.4 Business Operation Target for 2003-2007 14

5. Business Operation of PTTEP and its subsidiaries 16 PTTEPEF.DOC

  5.1 Nature of Petroleum Business Operation 16

  5.1.1 Issue Concession Area 16

  5.1.2 Roles of the Operator 16

  5.1.3 Nature of Operations and Investment Decisions 16

4.  Laws relating to the Business 17

5.  Details of Thailand I,II และ III Terms 19

  5.2 Type of Products 20

  5.2.1 Petroleum 20

  5.2.2 Gas Transportation Pipeline 20

  5.2.3 Electricity 21

  5.3 Production 21

  5.3.1 Exploration &Production Processes & Technology 21

  Page DISKETTE FILE:

  5.3.2 Petroleum reserves and Production 22

3.  Projects Operation in Year 2003 23

4.  Environment Impact 29

  5.4 Marketing 31

1.  Marketing Policy & Product Market 31

2.  Competition Environment 33

6. Research & Development 35 PTTEPEG.DOC

7. PTTEP and its Subsidiaries’ Assets 36 PTTEPEH.DOC

  7.1 Properties, Plant and Equipment 36

  7.1.1 Oil & Gas Properties 36

  7.1.2 Petroleum Reserve as of December 31, 2003 38

  7.2 Investment 38

3.  Net Book Value 40

4.  Management Policy of Affiliated Companies 40

8. Future Projects: Strategies and Directions of Investment Growth 41
PTTEPEI.DOC

9. Legal Disputes 42 PTTEPEJ.DOC

10. Capital Structure 43 PTTEPEK.DOC

  10.1 PTTEP Securities 43

  10.2 Other Securities: Bonds/Warrants 43

3.  Shareholders 44

4.  Amount of Shares and Effects of the Shareholders’ right voting 45

  from Thai Trust Fund (NVDR)

  10.5 Dividend Policy 45

11. Administration and Management 46 PTTEPEL.DOC

  11.1 Management Structure 46

  11.1.1 Committees: Board of Directors & Sub-Committees 46

  11.1.2 Corporate Secretary 50

  11.1.3 Executives and Management 50

  11.2 Nominating of Directors and Management 50

  11.2.1 Directors Nominating 50

  11.2.2 Executives Nominating 50

  11.3 Directors’ and Executives’ Remuneration 50

  11.3.1 Directors’ Remuneration 50

  11.3.2 Executives’ Remuneration 51

  11.4 Corporate Governance Report 52

  11.4.1 Corporate Governance/Business Ethics/Leadership and Vision 52

  11.4.2 Controlling System and Internal Audit 53

  Page DISKETTE FILE:

  11.4.3 Risk Management 55

  11.4.4 Balance of Power, Aggregation or Segregation of Positions 56

  11.4.5 Sub-Committees 57

6.  Shareholders’ and Stakeholders Rights and Investor Relations 57

7.  Shareholders’ Meeting and Board of Directors’ Meeting 58

8.  Remuneration of Directors and Executives 59

9.  Conflict of Interest 60

  11.5 Inside Information Control 60

  11.6 Personnel 61

  11.6.1 Number of Personnel 61

  11.6.2 Number of Personnel by Divisions 61

3.  Employee Turnover 61

4.  Employee Remuneration 61

  11.6.5 Employee Deployment Plan 61

12. Internal Control 63 PTTEPEM.DOC

13. Connected Transactions 64 PTTEPEN.DOC

  13.1 Connected Persons 64

  13.1.1 Between PTTEP and PTT’s Affiliated Companies 64

  13.1.2 Within PTTEP’s Affiliated Companies 65

  13.2 Connected Transactions 66

13.2.1 Transaction of Regular committed items 66
with market-based prices

  13.2.2 Transaction of Assets or Services 67

  13.2.3 Transaction of financial assistance involving 68

  Subsidiaries’ Companies

  13.3 Audit Committee’s Comments 69

  13.4 Future Connected Transactions 69

14. Financial Position and Results of Operation for Year 2003 70
PTTEPEO.DOC

1.  Auditor and Significant Accounting Policies 70

    1.  Auditor 70

    2.  Summary of Auditors’ Report in the past three years 70

    3.  Summary of Significant Accounting Policies 71

    4.  Bonds Issuing Liabilities 79

14.2 Summary of Consolidated Financial Statement of PTTEP 80

and its Subsidiaries

  14.3 Summary Significant Financial Ratios 87

  Page DISKETTE FILE:

  14.4 Management Decision and Analysis on Operating Result 88
  for Year 2003

  14.4.1 PTTEP Performance 88

  14.4.2 Results of Operations 90

  14.4.3 Financial Position 93

  14.4.4 Impacts on Operational Results 95

15. Reference Information PTTEPEP.DOC

  15.1 Juristic Persons of which the Company’s shareholding exceed 10%
  97

  15.2 Share Registrar 101

  15.3 Trustee 101

  15.4 Auditor 101

  15.5 Legal Consultant 102

  15.6 Other Advisor 102

16. Information Certifying 103 PTTEPEQ.DOC

17. Attachment 1: Information of the Management 105 PTTEPER.DOC

and Controlling Person of the Company

  17.1 Directors of the Board 105

  17.2 Management 110

18. Attachment 2 Directors of PTTEP and its affiliates 113 PTTEPES.DOC

19. Attachment 3 Supplemental information on 114 PTTEPET.DOC

Petroleum and Exploration Activities under the US Finance Accounting

Standard No.69 (FAS 69) and other information - Unaudited

  19.1 PTTEP and its Subsidiaries’ Petroleum Reserves Report 114

  as of December 31,2003

  19.2 Capitalized cost relating to oil and gas producing activities 117

  19.3 Cost incurred in oil and gas property acquisition, exploration,
  117

  and development activities

  19.4 Results of operation for producing activities 118

  19.5 Standardized Measure of Discount Future Net Cash Flows Relating
  119

  to Proved Oil and Gas Reserves

6.  Other information 121

  Productive Oil and Gas Wells

Net Oil and Gas Wells Drilled Annually in 2002

20. Attachment 4 : Quarterly Performance of Year 2003 and Year 2002 122

21. Attachment 5: The Report of the Audit Committee 124

22. Attachment 6 : Updated Summary of PTTEP and Subsidiaries’ Projects
    126