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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

Pan Pacific Petroleum NL is an ASX and NZX listed oil and gas exploration and production company participating in non-operated interests in New Zealand (including production from the Tui Area Fields), Australia, Vietnam and Timor Leste-Australia Joint Petroleum Development Area.

New Zealand

PPP’s main asset is the 10% equity in the Tui Area oil Fields located in the Taranaki Basin, about 50km offshore from New Zealand’s North Island, and northwest of the Maui Gas Field. PPP has also pursued a strong regional exploration focus and formerly held exploration interests west of the Tui fields which have now been relinquished.

Joint Petroleum Development Area

Pan Pacific Petroleum (JPDA 06-103) Pty Ltd acquired a 15% interest in the Block of JPDA 06-103 Production Sharing Contract, by farming into a 5% interest from each of Global, Bharat and GSPC. JPDA 06-103 is located within the northern Bonaparte Basin, offshore northwest Australia, within the Joint Petroleum Development Area issued pursuant to the Timor Sea Treaty between Timor-Leste and Australia. The contract area is adjacent to several existing oil fields such as Laminaria and Corallina and the recent Kitan development.

Vietnam Block 07/03

PPP also has a 5% interest in Vietnam Block 07/03, where the first commitment exploration well, CRD-1X drilled in 2009, was an oil and gas discovery. The CRD structure was successfully appraised by the drilling of CRD-2X and sidetrack in 2011, and CRD-3X and sidetrack in 2013. The operator, Talisman, has undertaken detailed development studies and the joint venture partners are working towards a decision on a declaration of commerciality in Q4 2014. PetroVietnam has a “back-in” option at declaration of commerciality which if exercised would reduce PPP’s participating interest from 5% to 4.25%.

Vietnam (121)

Pan Pacific Petroleum Vietnam (121) Pty Ltd completed the acquisition of a 15% interest in the Block 121 Production Sharing Contract, offshore Vietnam, operated by Origin Energy (Song Hong) Pte. Ltd. in March 2013. The large Ca Voi prospect was drilled as commitment well 121-CV-1X in June-July 2013. No hydrocarbons were present in the main objective but the well did penetrate wet gas shows in a shallower interval which demonstrated that a working petroleum system is present in Block 121. The PSC is currently in the Second Exploration Period which began in late December 2013.

Mine For

oil, gas

Location of operation(s)

New Zealand, Western Australia, Vietnam, Timor

Australian Basins

Bonaparte

Address

Suite 1 Level 2 , 123 Walker street
NORTH SYDNEY, NSW, AUSTRALIA

Phone

(02) 9957 2177

Email

Website


Last Updated

25/3/2015

 

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.