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; • Global Energy Inc., an overseas wholly owned subsidiary of Videocon Industries Limited; and • 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 • 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
OEX Price at posting:
25.2¢ Sentiment: Buy Disclosure: Held
