5 October 2012
Company Announcements Office
ASX Limited,
Level 4, Exchange Centre,
20 Bridge Street
SYDNEY NSW 2000
Pan Pacific Petroleum NL ("PPP") has agreed to sell its
Carnarvon Basin interests to Hydra Energy (WA) Pty Ltd, a
company established and controlled by Hydra Energy Holdings
Pty Ltd ("Hydra"). The PPP Carnarvon assets are a legacy
position from past activities which included production from
the North Herald and South Pepper Oil Fields. The assets
contain a number of small undeveloped oil and gas discoveries
which are not considered a fit with PPP's focus on high
potential exploration and acquisition growth opportunities in
the South East Asia, Australia/New Zealand region.
Hydra is a private Australian company backed by Barclays
Natural Resource Investments, a division in the Investment
Bank of Barclays Bank PLC, as a financial investor and the
majority shareholder. Hydra has specialist capabilities in
small-field development with a focus on undeveloped
discoveries and late-life assets in Australia and Asia. The
PPP Carnarvon assets have a clear fit with the Hydra
strategy.
The completion of the sale of the PPP Carnarvon assets is
subject to Joint venture, government and regulatory
approvals, with an effective date of 1 August 2012.
A location map and a listing of the permits licence and
leases included in the transaction are included below.
Continued over
Asset | Participating Interest |
TL2, and associated pipeline licences TPL/3, TPL/4, TPL/7 and PL14 | 23.166% |
TP/7 | 4.157% |
WA-33-R | 10% |
WA-45-R | 10% |
WA-46-R | 10% |
WA-47-R | 5.235% |
For further information please contact: Tom Prudence Chief
Executive Officer Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177 www.panpacpetroleum.com.au
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