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PAN PACIFIC PETROLEUM NL - ASX: PPP
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
PPP is listed on both the Australian (ASX 300) and New Zealand (NZX 50) Stock Exchanges with approximately 11 thousand shareholders (589 million shares).
PPP’s main asset comprises a 10% interest in Tui Area oil project in the offshore Taranaki Basin, New Zealand which commenced oil production in July 2007. Initial proven and probable reserves have been estimated at 50.5 MMbbls by the operator AWE. PPP net share of total recoverable reserves is 5.05 MMbbls, with an estimated net 2.44 MMbbls remaining at the end of December 2009. Production from Tui during the period of high oil prices has allowed PPP to established a strong cash base, with no debt. Current field production is approximately 13,000 bbls per day.
PPP’s existing Tui near field opportunities and current farmin prospects comprise a high quality exploration portfolio, and PPP will participate in at least 2 exploration wells in the Tui Area during the period Q1-2 2010, with the potential for significant reward, further discussed under the 'Projects' section.
The first commitment exploration well, drilled as an earning obligation in respect of PPP’s farmin to Vietnam Block 07/03 in June 2009, was an oil and gas discovery, but has yet to be fully evaluated or appraised.
Approval for assignment of 15% interest in JPDA 06-103 Production Sharing Contract within the Joint Petroleum Development Area between Timor Leste and Australia was received in February 2010. JPDA 06-103 is located east of a number of existing producing fields and the operator has mapped over 20 prospects with the potential to host significant oil reserves.
Mine For
oil, gas
Location of operation(s)
New Zealand, Western Australia, Vietnam
Australian Basins
Carnarvon
Address
Suite 1 Level 2 , 123 Walker street
NORTH SYDNEY, NSW, AUSTRALIA
Phone
(02) 9957 2177
Website
http://www.panpacpetroleum.com.au
Last Updated
03/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.