Pan Pacific Petroleum

PPP is listed on both the Australian and New Zealand 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 2.02MMbbls remaining at the end of March 2011. Production from Tui during the period of high oil prices has allowed PPP to establish a strong cash base, with no debt. Current field production is approximately 7,500 bbls per day.

The Tui Area has a number of attractive near field exploration opportunities remaining which are currently being evaluated as potential drilling candidates.

PPP also has 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 further appraised by the drilling of CRD-2X and sidetrack in Q1-Q2 2011. This block also contains significant exploration potential, and studies to identify further drilling opportunities are ongoing.

PPP has a 15% interest in JPDA 06-103 Production Sharing Contract within the Joint Petroleum Development Area between Timor Leste and Australia, located east of a number of existing producing fields. A commitment well is currently scheduled for Q4 2011-Q1 2012

PPP has a strategy to grow shareholder value through acquisition of selected exploration and development opportunities in proven hydrocarbon basins in the Australia-New Zealand, and South East Asia regions, and is actively seeking new opportunities. The focus is on oil rather than gas projects to retain exposure to oil price upside.

Email enquiries@panpacpetroleum.com.au