announcement, page-6

29 September, 2009
Pan Pacific Petroleum signs Farmin deal on Timor Sea Block
A wholly owned subsidiary of the Company, Pan Pacific Petroleum (JPDA 06-103) Pty Ltd (“PPPJ”) has agreed to acquire a 15% Participating Interest in the JPDA 06-103 Production Sharing Contract (JPDA 06-103) by executing simultaneous 5% farmout agreements with each of;
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Global Energy Inc., an overseas wholly owned subsidiary of Videocon Industries Limited; and
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Bharat PetroResources JPDA Ltd (a wholly owned Indian subsidiary of Bharat PetroResources Limited which is a wholly owned subsidiary of Bharat Petroleum Corporation Limited) ; and
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GSPC (JPDA Ltd) (a wholly owned Indian subsidiary of Gujarat State Petroleum Corporation Limited)
The terms of the agreements include a partial refund of the farmout parties’ past costs and a contribution on their behalf to the costs of the first two exploration wells planned to be drilled in JPDA 06-103.
Other participants in JPDA06-103 are Japan Energy E&P JPDA Pty Ltd, a subsidiary of Japan Energy Corporation and Oilex (JPDA 06-103) Ltd (Operator).
Upon completion of PPPJ’s farmin obligations, the participating interests will be;
Pan Pacific Petroleum (JPDA 06-103) Pty Ltd 15%
Oilex (JPDA 06-103) Ltd (Operator) 10%
Global Energy Inc 20%
GSPC (JPDA) Ltd 20%
Bharat PetroResources JPDA Limited 20%
Japan Energy E&P JPDA Pty Ltd 15%
PPPJ’s farmin is subject to certain conditions including the waiver of pre-emptive rights by the Joint Venture partners, and the approval of the assignment