News: Pan Pacific Petroleum seeks offers for oil and gas projects

Pan Pacific Petroleum (ASX:PPP) is seeking offers for its stake in the producing Tui Oil Field in New Zealand as well as the CRD development project in Vietnam.

Its 15% stake in Tui has been independently valued at between $15 million and $22.5 million while its 5% interest in Block 07/03 (CRD) is valued at $5.1 million to $12 million.

Selling these assets will increase the company’s cash to between $44.7 million and $69.3 million from the current $21.4 million.

This is equal to between approximately $0.076 and $0.118 per share, which at $0.118, is a 136% premium to the $0.05 per share offered by Zeta Energy (ASX:ZTA) in its recent takeover offer.

The company also continued to urge shareholders to reject Zeta’s offer by taking no action.