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Message from the Chairman

In 2019, the overview of the growth of Thai economy has decreased compared to the previous year due to impact from both internal and external factors, decreased export value of Thailand, deceleration of economic circumstances of countries of business partners and global commercial volume from trade war between the United States of America and China, volatile oil price circumstances which likely turn to deceleration direction, over supply of crude oil resulting from decrease of overview growth of the economy.

Sea Oil Public Company Limited (“the Company”) is still concentrated in running the business for continuous and sustainable growth to achieve the organization's goals under the management in accordance with the good governance and responsibility to all stakeholders.

In 2019, the Company achieved its own set targets by adjusting the strategies in accordance with the economic circumstances, both domestic and international, causing the Company and its subsidiaries to have the operating result as 73.14 million baht of net profit, 187.69 million baht of EBITDA. Selling of oil both domestic and international has increased 31.50% from the previous year. The overall oil selling volume has grew 51% from the previous year mainly due to the foreign customers. The Company received its share of the profit from joint venture with Pan Orient Energy (Siam) Limited (POES) which operates its business concerning petroleum exploration and production on concession 53/48 at the amount of 111.74 million baht. Since production volume has increased thanks to successful drilling plan in 2019 from L53-DD3 and DD4, it also raises the average selling volume to 447 barrels per day.

The Board of Directors aware of the importance of transparent and fair business operation, consider all the stakeholders as well as participate in community, social and environment development in accordance with administrative guidelines for sustainable growth. Thanks to continuous development of the corporate governance this year, the Company received the evaluation score of the corporate governance as excellent and was certified to be the member of CAC.

Lastly, on behalf of the Board of Directors, I would like to thank the shareholders, customers, business partners, financial institutions and everyone who has supported us in all aspects which always trust and support the business of the Group. Thanks to all executives and employees for their commitment and dedication to drive the organization to grow continuously. May you all believe that all directors will perform their duties with full responsibility, aware of benefit of all stakeholders to enable the organization to grow steadily and sustainably

the company
with operating result as
Million Baht
of net profit

Mr. Apisit Rujikeatkamjorn
Chairman of the board