awe ppp

AWE up .07 today or 4.7%
Ann from PPP

PAN PACIFIC PETROLEUM NL
Pan Pacific Petroleum NL ACN 000 749 799
Level 3, Compaq House, 76 Berry Street, North Sydney 2060, Australia
Telephone: +61 2 9957 2177 Facsimile: +61 2 9925 0564
Website: www.panpacpetroleum.com.au
H:\PPP\PPP Internet\2004\Pukeko-1\PPP-PukekoPressRelease_ProgressReport_17May04.doc
PRESS ANNOUNCEMENT
17 May 2004
PUKEKO-1 PROGRESS REPORT
As of 6:00am NZ time on 17 May, Pukeko-1 was at a depth of 3195 metres and
running 9 ¨ý¡± casing. We expect to start drilling the final section of the well by
midweek. The target zones will be encountered shortly thereafter, so daily
progress reports will now be made until results of the well have been reported.
Pan Pacific Petroleum NL through WM Petroleum Limited (a wholly owned
subsidiary of Pan Pacific Petroleum N.L.) has a 10% interest in PEP38460.
Other participants in the venture are New Zealand Overseas Petroleum Limited
(operator) 45%; Stewart Petroleum Company Limited (a subsidiary of New Zealand
Oil & Gas Ltd) 12.5%; AWE New Zealand Pty Ltd 20%; and Mitsui E&P New
Zealand Limited 12.5%.
Below is a summary from StockAnalysis on valuations.
Summary Pukeko Discovery Size
Valuations 250 mmbls/ 80 MMbbls
& Leverage $/share % $/share %
AWE 1.09 74%/ 0.35 24%
NZO 0.91 147%/ 0.29 47%
PPP 0.60 444% /0.19 142%