Business Overview

PPP is listed on both the Australian (ASX 300) 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 2.44 MMbbls remaining at the end of December 2009. Production from Tui during the period of high oil prices has allowed PPP to established a strong cash base, with no debt. Current field production is approximately 13,000 bbls per day.

PPP’s existing Tui near field opportunities and current farmin prospects comprise a high quality exploration portfolio, and PPP will participate in at least 2 exploration wells in the Tui Area during the period Q1-2 2010, with the potential for significant reward, further discussed under the 'Projects' section.

The first commitment exploration well, drilled as an earning obligation in respect of PPP’s farmin to Vietnam Block 07/03 in June 2009, was an oil and gas discovery, but has yet to be fully evaluated or appraised.

Approval for assignment of 15% interest in JPDA 06-103 Production Sharing Contract  within the Joint Petroleum Development Area between Timor Leste and Australia was received in February 2010.    JPDA 06-103 is located east of a number of existing producing fields and the operator has mapped over 20 prospects with the potential to host significant oil reserves.

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.