Pan Pacific Petroleum NL ACN 000 749 799Level 2, 123 Walker...

Pan Pacific Petroleum NL ACN 000 749 799
Level 2, 123 Walker Street, North Sydney 2060, Australia Telephone: +61 2 9957 2177 Facsimile: +61 2 9925 0564
www.panpacpetroleum.com.au
STOCK EXCHANGE ANNOUNCEMENT 29 August 2008 ANNUAL PROFIT ANNOUNCEMENT Pan Pacific Petroleum NL advises a net profit after tax for the year ended 30 June 2008 of A$52.4 million. EBITDAR (earnings before interest, tax, depreciation, amortisation and royalties) were A$126 million. These results are a reflection of the excellent performance of the Tui Area Oil Project since first oil on 30 July 2007, with PPP’s share of production to 30 June 2008 being approximately 1.4m barrels. Year end saw the company holding A$81 million in cash after having fully repaid its Tui project borrowing by 30 June 2008. As previously reported, proven and probable oil reserves at Tui were upgraded twice during the year, to 50.1 million barrels (PPP share 10%). Renegotiation of the operating lease terms over the FPSO have secured use of this facility until up to 2022, which reflects the fact that Tui reserves and production rates have proven to be substantially more favourable than originally forecast. B Flatters-Wright Company Secretary