CEO’s Review

Last Updated on Tuesday, 13 October 2009 14:18 Written by Administrator Wednesday, 16 September 2009 11:39

The focus for the year has been on ensuring that we maximise return from our existing assets, mainly Tui, and growing the business through new ventures.

The Company has again had a very good result financially with high average oil prices and strong production from the Tui area oil fields resulting in a gross revenue of $91.1 million with an overall after tax profit of $40.8 million, equating to 7 cents per share.

The Tui highlights were continued strong production, the potential increase in estimated ultimate recovery, now calculated at 50.5 MMbbls gross by operator AWE, and the agreement of the Tui joint venture partners to a 2 well near-field exploration program in Q1 2010 with the potential to further extend the Tui success story.

“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 WITH AN OVERALL AFTER TAX PROFIT OF $40.8 MILLION.”

Extensive new ventures activity resulted in the identification of Block 07/03 in Vietnam as an attractive prospect, and a farmin agreement with Premier Oil for 15% has been concluded, subject to waiver of Pre-emptive rights by PetroVietnam and Vietnam Government approval. The discovery of oil and gas in the farmin well was a significant event, upgrading the block.

A more detailed overview of PPP’s operational activities and financial highlights over the past year and plans are included in the following pages andin the map below.

The Company has another very exciting year ahead.

Mr Tom Prudence
Chief Executive Officer

25 September 2009