PPP
24/04/2006
GENERAL
REL: 0844 HRS Pan Pacific Petroleum NL
GENERAL: PPP: TUI DEVELOPMENT FUNDING IN PLACE
STOCK EXCHANGE ANNOUNCEMENT
21st April 2006
TUI DEVELOPMENT FUNDING IN PLACE
Agreement was effected today with Commonwealth Bank of Australia to finance
Pan Pacific Petroleum's investment in the Tui oil development, located in the
Taranaki Basin, New Zealand.
The facility, of up to US$32 millions, will provide the bulk of the *Pan
Pacific's share of the development capital costs and associated contractor
guarantees.
First oil from the Tui fields is scheduled for the June 2007 quarter,
initially flowing at approximately 50,000 barrels daily (PPP share 5,000
b/day). The company has acquired an initial tranche of US$50 put options over
250,000 barrels of its share of pending production, as downside price
protection.
For further information : Within Australia.
Tony Radford(Executive Chairman)
Telephone (02) 9957 2177
Mobile 0409 611 644
NZ Contact.
Allan Tattersfield ( Director)
Mobile +64 (0) 21 307 338
Website:
www.panpacpetroleum.com.au
End CA:00130366 For:PPP Type:GENERAL Time:2006-04-24:08:44:17