PPP - Pan Pacific Petroleum

Another substantial holder notice of buying by director A W Tattersfield.
Now has in excess of 12% of PPP.

PPP cant be too far away with drilling Maitland 4 in WA33R target gas with Apache as operator.
I had them down to spud around 10 Oct but I guess drilling times have been pushed out. TAP also have an interest in this prospect.

latest information has PPP with 25.5 cents cash in bank...trading at 21cents...
new information coming from presentation that PPP are going to wait on acquisitions and get assets for 5cents in the dollar next year...
...
If you want to see more detailed numbers have alook at this...
https://www.aussiestockforums.com/forums/showthread.php?p=359120#post359120


.^sc

AWE have announced a special div of 10cps, fully franked, largely on the strength of their profits from the Tui field.
As a junior ( 10% ) partner in Tui, I wonder what the chances are of PPP doing something similar?

oldblue said:

AWE have announced a special div of 10cps, fully franked, largely on the strength of their profits from the Tui field.
As a junior ( 10% ) partner in Tui, I wonder what the chances are of PPP doing something similar?

Click to expand...

Slim I think - I think I read that they were not providing a dividend in order to ensure enough cash was at hand should oppotunities come up - assets at 5c in the dollar would be very nice.

PPP are definitely positioned nicely for coming out of the CEC quite nicely.

Seems cheap at 20c....

Yes, I agree with that.
Besides, AWE were able to pay a franked div, using credits arising from the ARQ takeover. They make the point that the Tui profits don't accrue franking credits.

Massive volume and price spike on PPP today - looks like they have found an acquisition of some sort? Anyone have any 'insights' or 'predictions'?

Now there's a nice surprise - I'm holding a fairly good parcel of these - when a stock is trading well below cash backing while generating very good profitable cashflow its pretty hard not to buy a few.

I think OPEC meets on wednesday this week and cuts are expected - might cause some short term strength in oil prices. Its possible people are seeing an oil price turnaround on the cards and a fund or larger private investor has taken a position.

Quite a few positives for PPP of late. Surprised it hasn't rated a mention so thought i would post a few of the highlights.

1. Entry into ASX 300 imminent
2. No debt and has $150 million in the bank (Value = Approx $0.26 cents per share)
3. Pre tax profit of $63 million reported
4. Proven production with reserves and other exploration targets
5. NZOG purchase of 19.99% has received FIRB approval (at 30 cents per share)
6. PPP board are anticipating a fulltake over offer by NZOG

Share price went up by $50 on the NZOG purchase announcement in January

Worth a look for me anyway.

PPP are a generous group. 3 cents special dividend is around a 8% return for holders as at 6 May.

Add to that the other highlights and you could own worse stocks.

1. Entry into ASX 300 imminent
2. No debt and has $150 million in the bank (Value = Approx $0.26 cents per share) About to be less $18 million for the special dividend
3. Pre tax profit of $63 million reported
4. Proven production with reserves and other exploration targets
5. NZOG purchase of 19.99% has received FIRB approval (at 30 cents per share)
6. PPP board are anticipating a fulltake over offer by NZOG

Its about time they actually did something with that cash. Sure they say they are assessing other opportunities, but a return to holders like this doesnt really affect their cash position and gives a reward to all those who have been more than patient with the management (who in my books are not doing enough)

Yes, it'll cost them less than $18m of the more than $150m cash at last report.
Personally, I'm not concerned that they're in no hurry to spend. I don't see O&G assets suddenly getting more expensive.

prawn_86 said:

Its about time they actually did something with that cash. Sure they say they are assessing other opportunities, but a return to holders like this doesnt really affect their cash position and gives a reward to all those who have been more than patient with the management (who in my books are not doing enough)

Click to expand...

I would rather be patient and wait. Equity markets have been **** over the past 12 months and people who have held on have done well. Looked at this stock last June, didn't buy it, should have. Feel bloody stupid now.

Anyone have any thoughts on what PPP will be buying into for exploration etc? Announcement due today.

I cant work out who they will be taking a piece of or perhaps they are buying a larger slice of an existing target?

STOCK EXCHANGE ANNOUNCEMENT
12 May, 2009
Pan Pacific Petroleum joins Premier in oil exploration
drilling in Vietnam
Pan Pacific Petroleum (“PPP”) and Premier Oil are pleased to announce that Pan
Pacific Petroleum (Vietnam) Pty Ltd (“PPPV”) has entered into a farmin agreement with
Premier Oil Vietnam South B.V. (“Premier”) to earn a 15% interest in the Block 07/03
Production Sharing Contract, offshore, Vietnam (see map below). This agreement
includes funding part of Premier’s costs of the planned drilling program.
Other partners in the block are Vietnam American Exploration Company, LLC.
(“Vamex”), and PearlOil (Ophiolite) Ltd (“Pearl”). Upon completion of PPPV’s farmin
obligations, the participating interests will be;
PPPV 15%
Premier 30% (operator)
Vamex 40%
Pearl 15%
PPP* will participate in the current well at the 15% level subject to Vietnamese
Government approval, and waiver of pre-emptive rights by PetroVietnam.
Block 07/03 covers 4,915 km² in the prospective Nam Con Son Basin, and is adjacent
to block12W which contains the Chim Sao and Dua Oil Fields, also operated by
Premier, which have found oil in Dua sand fault traps. An extension of this successful
play concept is interpreted to exist in block 07/03, and is currently being evaluated by
drilling of the Cá Rồng Đỏ (Red Emperor) prospect. The well spudded on 6th May 2009
and is being drilled using the semi-submersible drilling unit “Hakuryu-5".
This well is projected to reach the main objective within a few weeks. The operator,
Premier, has designated this a “tight” (i.e. confidential) well, and hence weekly progress
reports will be limited to drilled depth, until the completion of the well. This is the first of
a 2 well program, with the second well planned for the end of the year.
PPP* are delighted to join the Block 07/03 joint venture, and to have immediate
participation in the drilling of an attractive prospect estimated by the operator to have
significant potential. The block has multiple additional prospects and material upside in
the event of success.
This farmin is the first step in the execution of PPP’s stated growth strategy which
includes participation in selected exploration in proven basins in the Southeast Asia
region.
For further information please contact:
Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
__________________________________________________

Ahead of a two-well drilling program on Block 07/03 PSC that will get underway later in 2009, Premier Oil is looking to farm out part of its equity. The company acquired 1,537 km of 2D seismic data over the block in September 2008 and identified two high impact prospects, which are expected to be drilled in 2009. The first well will target the 60 MMbo Alpha prospect and is expected to spud in May 2009. The second well will target the similarly sized Beta prospect. Premier has contracted the Japan Drilling "Hakuryu V" S/S for both and it will return for the second well around year-end 2009.

it would be marvellous to see this break through the 36 mark . PPP needed to expand while other oilers were contracting to get an edge as far as I'm concerned. Wish I went with my gut feeling when I thought they were undervalued at 20c end of 2008 prior to NZO buying in.

Latest drilling update Vietnam Block 07/03 see http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00956306

Vietnam presentation 29 may 09 http://www.asx.com.au/asxpdf/20090529/pdf/31hv6380tvphkf.pdf , approx 1 megabite . It is expected this well will be completed this coming week. Fingers crossed , she will be a hummer.

yes but is the share price telling us something that we dont know,the well is nearly at its depth and the share price going down as well(down the well )