UPDATE 1-Thai PTT Q3 meets f'casts, oil seen recovering in Q4

* Q3 net profit 16.99 bln baht vs 16.8 bln consensus

* Sales down 25 pct due to weak oil prices

* Q4 oil prices seen at $65-75/barrel vs $60-65 for 2009

* Shares down 1.6 pct ahead of earnings announcement (Adds details, graphic)

By Khettiya Jittapong

BANGKOK, Nov 10 (Reuters) - Thailand's PTT PCL PTT.BK, Asia-Pacific's No.3 listed oil and gas firm by market value behind PetroChina (0857.HK) and Sinopec (0386.HK), posted a 5 percent drop in quarterly net profit, dented by lower earnings from exploration and refining.

Major oil companies such as PetroChina (601857.SS) have reported weaker earnings as oil prices CLc1 in July-September averaged just half the year-earlier record highs, squeezing their refining margins.

While crude prices have picked up this quarter as the global economy recovers, state-controlled PTT's fourth-quarter earnings are likely to be hit as an oil leak at its Australian Montara field will weaken income from its exploration business.

"The crude oil price in the fourth quarter is expected to move in the range of $65-75 a barrel, with an average price for the whole year of $60-65," PTT said in a statement.