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pan pacific petroleum nl (PPP) Snapshot

Open
A$0.05
Previous Close
A$0.05
Day High
A$0.05
Day Low
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52 Week High
09/5/13 - A$0.13
52 Week Low
07/8/14 - A$0.05
Market Cap
31.2M
Average Volume 10 Days
253.6K
EPS TTM
A$-0.0009
Shares Outstanding
588.6M
EX-Date
10/18/12
P/E TM
--
Dividend
--
Dividend Yield
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Current Stock Chart for PAN PACIFIC PETROLEUM NL (PPP)

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pan pacific petroleum nl (PPP) Details

Pan Pacific Petroleum NL explores for, produces, and sells petroleum products in Australia, New Zealand, and Vietnam. It principally holds a 10% interest in the Tui Area oil project located in the offshore Taranaki Basin, New Zealand. The company is based in North Sydney, Australia.

pan pacific petroleum nl (PPP) Top Compensated Officers

Chief Executive Officer
Total Annual Compensation: A$507.0K
Chief Financial Officer and Company Secretary
Total Annual Compensation: A$293.7K
General Counsel and Company Secretary
Total Annual Compensation: A$232.7K
Geophysical Advisor
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

pan pacific petroleum nl (PPP) Key Developments

Pan Pacific Petroleum Announces Oi-2 Exploration Drilling Update

Pan Pacific Petroleum announced that the Oi-2 exploration well, which is being drilled by the semi-submersible drilling rig "Kan Tan IV", has set the 9 inch casing at 1487m BRT (Below Rotary Table), and is preparing to drill ahead in 8½ inch hole to TD at 3881m BRT. The well is expected to intersect the objective F10 reservoir in 4-5 days, subject to operational progress. AWE has advised PPP that the cost for the Oi-2 exploration well, originally budgeted at USD 25.8 million will exceed this estimate by USD 6.4 million. This increase in costs is due operational delays mainly related to waiting on weather and difficulties in setting the 9 5/8 inch casing. As a result the total gross cost for Oi-1 & 2 which was estimated at USD 44.5 million is increased to USD 50.9 million, net USD 25.45 million to PPP an increase of USD 3.2 million, which includes a contingent provision for weather downtime. PPP has increased its participating interest in Oi-1 from 15% to 50% pursuant to the Sole Risk provisions of the Tui Joint Venture Operating Agreement. NZOG and AWE have the right to reinstate their former interests in any discovery by way of reimbursement of pro-rata well costs and the payment of a buy-back premium. Oi-2 will evaluate the hydrocarbon potential of a 4-way dip closed structure draped over basement similar to the Tui, Amokura and Pateke Fields, and will target the F10 reservoir sandstones which produce oil in these fields. PPP estimates that if filled to spill point Oi will contain gross unrisked mean recoverable prospective resources of 15 million barrels of oil with a Best Estimate (P50) of 13.5 million barrels (Best Estimate net 6.75 million barrels to PPP at 50% equity). The Oi-2 exploration well has been estimated by PPP to have a 20-25% chance of success which is classified by PPP as medium risk.

Pan Pacific Petroleum NL Provides Drilling Update on Oi-2 Exploration

Pan Pacific Petroleum NL has been advised by AWE, the Operator of permit PMP38158, that the Oi-2 exploration well, which is being drilled by the semi-submersible drilling rig "Kan Tan IV", has drilled a 17 ½ inch hole to the planned section target depth of 550 m and that installation of the 13 3/8 inch casing has been completed. As at 06:00 hours (6.00am) NZDT on June 17, 2014, the Oi-2 exploration well was preparing to install well control equipment in advance of drilling ahead in a 12 ¼ inch hole to the planned section target depth of 1,500 m. Oi-2 will be drilled vertically to a planned total depth of 3,881m BRT. PPP has increased its participating interest in Oi-1 from 15% to 50% pursuant to the Sole Risk provisions of the Tui Joint Venture Operating Agreement. NZOG and AWE have the right to reinstate their former interests in any discovery by way of reimbursement of pro-rata well costs and the payment of a buy-back premium. Oi-2 will evaluate the hydrocarbon potential of a 4-way dip closed structure draped over basement similar to the Tui, Amokura and Pateke Fields, and will target the F10 reservoir sandstones which produce oil in these fields. PPP estimates that if filled to spill point Oi will contain gross unrisked mean recoverable prospective resources of 15 million barrels of oil with a Best Estimate (P50) of 13.5 million barrels (Best Estimate net 6.75 million barrels to PPP at 50% equity). The Oi-2 exploration well has been estimated by PPP to have a 20-25% chance of success which is classified by PPP as medium risk. If Oi-2 is successful the Joint Venture partners will consider whether to drill a sidetrack at non-sole risk participation levels (that is PPP 15%) to provide additional information to assist with determination of resources and development planning.

Pan Pacific Petroleum Provides Oi-1 Exploration Drilling Update

Pan Pacific Petroleum has been advised by AWE, the Operator of permit PMP38158 that for the reasons detailed below and as recommended by AWE the Oi-1 well will be abandoned and operations commenced on a new well Oi-2. The Operator has reported that as of 06:00hrs the semi-submersible drilling rig "Kan Tan IV" was preparing for drilling operations at the Oi-2 location. Oi - 1 was drilled to the planned section TD at 1507m BRT (below rotary table) in 17½ inch hole, but due to operational difficulties related to conditions in the shallower part of the hole it was not possible to set the 13 inch casing. Attempts to set a cement plug and sidetrack the well were also unsuccessful and as a result the well had to be abandoned. To better manage and mitigate the issues encountered in Oi-1, the Oi-2 drilling plan proposes to set the 13 inch casing at 550m (BRT), shallower than the 1500m BRT originally planned in Oi-1. This will enable a drilling fluid system to be established at a shallow depth and improve management of conditions in the well bore. This change of program will not impact on the objectives of the well. Oi-2 will then be drilled in 12¼ inch hole to section TD at around 1500m BRT, set 9 5/8" casing and then drill on in 8 ½ inch hole to the planned TD at 3,881m BRT. Due to this change of program and other delays, including weather delays prior to spud date, the time estimated for the Oi drilling program, including drilling both Oi-1 and Oi-2 has increased to a total of 46-48 days. The latest estimate for total costs is in the order of USD 40 million, net USD 20 million to PPP, an increase from the original estimate of net costs to PPP of USD 13.5 million. These figures will be confirmed once the program is completed. PPP has increased its participating interest in Oi-1 from 15% to 50% pursuant to the Sole Risk provisions of the Tui Joint Venture Operating Agreement. Oi-2 will evaluate the hydrocarbon potential of a 4-way dip closed structure draped over basement similar to the Tui, Amokura and Pateke Fields, and will target the F10 reservoir sandstones which produce oil in these fields. PPP estimates that if filled to spill point Oi will contain gross unrisked mean recoverable prospective resources of 15 million barrels of oil with a Best Estimate (P50) of 13.5 million barrels (Best Estimate net 6.75 million barrels to PPP at 50% equity). The Oi-2 exploration well has been estimated by PPP to have a 20-25% chance of success which is classified by PPP as medium risk. Costs incurred at Oi-1 and Oi-2 will be tax deductible from income derived from Tui Field production which will reduce the Company's overall cost exposure. Additionally, success at Oi-2 may well lead to the other participants in the Tui Joint Venture electing to reinstate their former interests in any discovery by way of reimbursement of pro-rata well costs and the payment of a buy-back premium which could result in a significant cash payment to PPP. Both AWE and NZOG will have a period not exceeding 6 months after completion of operations at Oi to consider the well results and a buy-back decision. If Oi-2 is successful the Joint Venture partners will consider whether to drill a sidetrack at non-sole risk participation levels (i.e. PPP 15%) to provide additional information to assist with determination of resources and development planning. In the event of a commercial discovery it is envisaged that the field will be produced by connecting to, and using spare capacity at, the Tui FPSO at relatively low estimated incremental operating costs.

 

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