PPP is listed on both the Australian and New Zealand Stock Exchanges with approximately 9,803 shareholders (589 million shares).
PPP’s main asset is a 15% interest in Tui Area oil project in the offshore Taranaki Basin, New Zealand comprising the Tui, Amokura and Pateke Fields which commenced oil production in July 2007. PPP increased its participation in Tui from 10% to 15%, effective 1st October 2013. Total reserves recoverable from the existing infrastructure are estimated by the operator AWE at 40.8 million barrels gross (2P), with remaining reserves at the end of September 2014 of 4.3 million barrels, net 4.2 million barrels (Company share 0.63 million barrels) taking into account 0.1 MMbbls oil which is estimated to be burned as fuel on the FPSO during the remaining life of the field.
The joint venture has successfully appraised the Pateke Field with Pateke-4H which has been completed as a development well and is scheduled for tie-back to the FPSO in Q1 2015, with production planned for Q2 2015.
PPP also has a 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 successfully appraised by the drilling of CRD-2X and sidetrack in 2011, and CRD-3X and sidetrack in 2013. The operator, Talisman, has undertaken detailed development studies and the joint venture partners are working towards a decision on a declaration of commerciality in Q4 2014. PetroVietnam has a “back-in” option at declaration of commerciality which if exercised would reduce PPP’s participating interest from 5% to 4.25%.
Pan Pacific Petroleum Vietnam (121) Pty Ltd completed the acquisition of a 15% interest in the Block 121 Production Sharing Contract, offshore Vietnam, operated by Origin Energy (Song Hong) Pte. Ltd. in March 2013. The large Ca Voi prospect was drilled as commitment well 121-CV-1X in June-July 2013. No hydrocarbons were present in the main objective but the well did penetrate wet gas shows in a shallower interval which demonstrated that a working petroleum system is present in Block 121. The PSC is currently in the Second Exploration Period which began in late December 2013.
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.
Oilex the operator of JPDA 06-103 has on behalf of the JV has submitted a request to the designated authority, the Autoridade Nacional do Petróleo (“ANP”) to terminate the PSC by mutual agreement because of ongoing Joint Venture concerns associated with uncertainty of the PSC tenure. The ANP has granted a temporary suspension of the PSC until January 15th 2015 for the purpose of resolving a final position on this request.
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. However, given the Company’s current commitments it has determined that until Pateke-4H is on production it will focus on maximising the value of its existing assets and that new venture activity will be limited.
Further information on current ventures is provided under the “Projects” section.