PPP Drops Plans to Sell Stakes in NZ's Tui Oil and Vietnam's CRD Projects

Australia's Pan Pacific Petroleum NL (PPP) referred Friday to its Supplementary Target Statement issued May 20 indicating that it will seek offers for the purchase of its assets including: The Tui oil project in New Zealand (Tui); and The Ca Rong Do (CRD) development project in Vietnam (CRD), that are within or greater than the respective asset value ranges that were provided in Independent Expert Report Valuations.

The Company received notice from Zeta Energy Pte Limited (Zeta) May 28 that its relevant interest in the shares of the Company following the close of the takeover stood at 46.452 percent.

Zeta have today also provided the Company with a letter stating that “On the information presently available to it, Zeta does not support the (majority) decision of PPP’s board, passed on 20 May 2015, to seek offers for the purchase of all of PPP’s assets. In the absence of Zeta becoming aware of further facts which lead it to a change its view, Zeta would most likely vote against any resolution to approve the sale of the PPP’s assets or any material part of those assets”.

As a consequence it is impractical to undertake the asset sale process as had been intended, and hence this will not be actively pursued by the Company.

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