It would have been better if the 5% in Vietnam was confirmed instead of the announcement below but at least this gives certainty to the planned future drilling around the other 20 prospects in this zone later this year. The market has turned right off PPP recently due to it's low hit rate, delay with the Kan Tan and lack of clarity, however, at the current SP and drilling soon to commence at again Tui and with this announcement it's very tempting to start buying again.
PPP
19/02/2010
GENERAL
REL: 1055 HRS Pan Pacific Petroleum NL
GENERAL: PPP: PPP obtains ANP approval for JPDA 06-103
STOCK EXCHANGE ANNOUNCEMENT
19 February, 2010
PPP obtains ANP approval for JPDA 06-103
PPP is pleased to advise that the Autoridade Nacional do Petroleo of Timor
Leste, the Designated Authority for the Joint Petroleum Development Area
between Timor Leste and Australia, has granted approval for assignment of a
15% participating interest in the JPDA 06-103 Production Sharing Contract
("PSC") to PPP's wholly owned subsidiary Pan Pacific Petroleum (JPDA 06-103)
Pty Ltd ("PPPJ"). This interest has been acquired by farmin to a 5%
participating interest earned from each of GSPC (JPDA) Ltd, Bharat
PetroResources JPDA Limited and Global Energy Inc.
The Participating interests in the JPDA 06-103 PSC are now as follows:-
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%
The contract area is located east of a number of existing producing fields
and Eni's Kitan oil discovery and, despite the disappointment of the recent
Lore-1 and Lolotoe-1 exploration wells, remains very attractive for further
exploration. The operator has mapped over 20 prospects with the potential to
host significant oil reserves, most of which have different geological
characteristics and are located to the north of the structures drilled by
Lore-1 and Lolotoe-1 (see operator's map over).
The results of the initial drilling program are being incorporated into the
interpretation of the remaining prospects and decisions on the drilling
program for 2010-2011.
For further information please contact:
Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
www.panpacpetroleum.com.au
End CA:00191395 For:PPP Type:GENERAL Time:2010-02-19:10:55:11