I think the key word for you sat the moment jayinaussie would be...

I think the key word for you sat the moment jayinaussie would be "PATIENCE"

We are all in the same boat at the moment so far as Vietnam is concerned. No one knows exactly what the outcome will be. I'm not sure that even PPP management know what the outcome will be.

The best we can hope for is that PetroVietnam does not decide to take the whole 15% which currently PPP has a slight claim on.

If PetroVietnam does decide to take the whole 15% and pay back PPP's share of the costs then I would expect some disappointment and some slight further fall in the share price.
As I have said before the initial kneejerk reaction could see the share price drop another 10 cents say but I would expect it to be quite volatile for that first day or two. Running up and down as some people dump on disappointment and others snap up at the lower price.
But maybe it will not drop all that much. The market has factored in a possible loss of the 15% by its earlier reaction to the announcement (as you experienced)

Now if PetroVietnam decide to take only part of the 15% (which is the line that PPP management have been suggesting) then that could be seen as positive for PPP and the share price could rise on that announcement. Though again it all depends how much of the 15% PetroVietnam takes if that is the route it decides to take.

Remember it is 15% of the whole block (Block 07/03) ....not 15% of just the Red Emperor well in the Block.

So even if PPP was left with just 5% of the Block then that could be seen as the lesser of two evils. At least it would have a slice of the action. And the action in Block 07/03 looks very promising.

We just have to be patient and await the outcome of the decision by PetroVietnam. They seem to be taking a long time about that decision which is why I wonder if they are now waiting to see what comes of the second which must be due to be spudded this week or next. I think it will be this week.

Main production revenue for PPP is from the TUI oilfield in offshore Taranaki. While it is declining it is still producing presently at about 15,000 bopd of which PPP has 10%.
And of course early next year there are at least two (maybe 3 ) near Tui structures to be drilled which, if successful could be relatively quickly linked into the present production facilities and boost daily production again.
When Tui first started July 2007) from the 3 sources presently tapped into it was producing at a rate of about 45,000 bopd
There are still several years of production anticipated from Tui (though declining) even if the future drilling campaign proves fruitless. But such a negative result seems unlikely .....though nothing guaranteed of course in this business.

NZO (NZ Oil and Gas) has some good info on TUI on its website ....www.nzog.net ......should get you there.

Patience jay !