As previously announced Pan Pacific Petroleum (JPDA 06-103) ("PPPJ") has agreed to acquire a 15% Participating Interest in the JPDA 06-103 Production Sharing Contract (JPDA 06-103).
PPP is pleased to advise that all JV parties have now waived their pre-emptive rights in relation to the respective farm-outs.
Under the terms of the farm-out agreements, application to the Designated Authority the Autoridade Nacional do Petróleo of Timor Leste for approval of the assignment will be made after completion of the earning obligations relating to the drilling of the first two exploration wells in the contract area.
These wells are currently planned to be drilled in November-December 2009 using the Songa Mercur semi-submersible drilling rig and will target the Loré and Lolotoe prospects which the Operator (Oilex) reports as having recoverable mean prospective resources (on 100% basis) of 195 million barrels of oil and 90 million barrels of oil respectively.
Upon completion of PPPJ's farm-in obligations, the participating interests will be:
Vietnam Block 07/03
In May 2009, Pan Pacific Petroleum (Vietnam) Pty Ltd ("PPPV") entered into a farm-in agreement with Premier Oil Vietnam South B.V. ("Premier") to earn a 15% interest in the Block 07/03 Production Sharing Contract, offshore, Vietnam, subject to waiver of pre-emption rights by PetroVietnam and approval by the Vietnamese Government.
PPP has now been advised that PetroVietnam Exploration Production Corporation Ltd (PVEP), intends to exercise the pre-emptive right on behalf of PetroVietnam, and is considering the acquisition of part of the Participating Interest from the assigning Contractor Party, Premier. A further update will be provided when the details of the PVEP position are confirmed.
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