OilVoice - PPP Obtains ANP Approval for JPDA 06-103

PPP Obtains ANP Approval for JPDA 06-103

Thursday, February 18, 2010

Pan Pacific Petroleum advises that the Autoridade Nacional do Petróleo 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 Loré-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.

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.