Pan Pacific Petroleum Annual Report 2009

Last Updated on Monday, 16 November 2009 12:13 Written by Administrator Friday, 25 September 2009 16:09

Pan Pacific Petroleum continues to benefit from strong Tui revenues, and is progressing growth opportunities focusing on the SE Asia and Australia-New Zealand regions.... More...		The company has again had a very good result financially. High average oil prices and strong production from the Tui area oil fields resulted in a gross revenue of $91.1 Million ... More...		Excellent Production from the Tui area oil fields provided Pan Pacific with strong Revenues and cash flow during the year to 30 June 2009... More...

Pan Pacific Petroleum (Vietnam) Pty Ltd a wholly owned subsidiary of PPP has entered into a farmin agreement with Premier Oil Vietnam South B.V. (‘Premier’) to earn a 15% interest... More...		Unusually high average oil prices and excellent production from the Tui Area oil fields provided PPP with strong revenues and cash flow during the year to 30 June 2009... More...		Net profit after provision of tax for the year was $40.8 Million representing EPS of 6.9 cents... More...

Pan Pacific Petroleum NL is an ASX and NZX-listed oil exploration and production company with projects in New Zealand and Western Australia. The company’s assets include an interest in the Tui Area oil project in the offshore Taranaki Basin, New Zealand. Field production from Tui for the 2009 year has exceeded 9.1 million barrels. The company also has an interest in two petroleum exploration permits in the offshore Taranaki Basin in NZ and in several permits in the offshore Carnarvon Basin in WA. As part of its growth strategy to expand into SE Asia, the company in 2009 entered into a farmin agreement with Premier Oil Vietnam South B.V. to participate in oil exploration drilling in Vietnam which is subject to waiver of PetroVietnam preemptive rights and Vietnam Government approval.