JV Partners Withdraw from Vietnam's Offshore Block 121
Pan Pacific Petroleum NL (PPP / Company) reported Tuesday that the Block 121 Joint Venture parties are withdrawing from the license in the Phu Khanh Basin offshore Vietnam following the unsuccessful drilling of the Whale prospect (121-CV-1X) and the inability of the last 12 months to secure a farmin partner to share the cost and risk of drilling an additional well in the license.
The Company’s cumulative exploration expenditure in this license was written off in PPP’s 2014 Annual Report.
Participating interests in Block 121 are:
- Pan Pacific Petroleum NL (via subsidiaries) – 15 percent
- Origin (via subsidiaries) – 45 percent (operator)
- Premier Oil (via subsidiaries) – 40 percent
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