Short Term Trading Week Starting : 18 May, page-82

PPP should be set for a run up toward the lower end of the valuation prior to sale of assets as per below.

Pan Pacific Petroleum (ASXPP) is seeking offers for its stake in the producing Tui Oil Field in New Zealand as well as the CRD development project in Vietnam.

Its 15% stake in Tui has been independently valued at between $15 million and $22.5 million while its 5% interest in Block 07/03 (CRD) is valued at $5.1 million to $12 million.

Selling these assets will increase the company’s cash to between $44.7 million and $69.3 million from the current $21.4 million.

This is equal to between approximately $0.076 and $0.118 per share, which at $0.118, is a 136% premium to the $0.05 per share offered by Zeta Energy (ASX:ZTA) in its recent takeover offer.