Pan Pacific Petroleum Nl (PPP)

[boysy]

wonder what the directors will do with those bit fat divi cheques they have shown that they are all for investing in the company.

[Odd Fellow]

wonder if many people will re invest the dividend back into ppp thoughts ?

Yes, I have got more 7 days ago, the divi com's handy now.

[boysy]

annual report out soon wonder if we will hear any new info on projects or updates. Im interested in vietnam i wouldnt be supprised if the 2nd well was drilled sooner than 4th quarter just a guess but the first drill i think warrents greater attention of the area.

[the machine]

Yes, I have got more 7 days ago, the divi com's handy now.

very timely given sp spike since - well done

question now is what will vietmese government do

M

[the machine]

annual report out soon wonder if we will hear any new info on projects or updates. Im interested in vietnam i wouldnt be supprised if the 2nd well was drilled sooner than 4th quarter just a guess but the first drill i think warrents greater attention of the area.

boysy, annual report will not be until august

news timelines:

tui reserves upgrade as at june 30

vietnam drill testing

vietnam gov't decision - be mindful they could say no

tui drilling program

july 31 quarterly

then annual report in august/sept


M

[macduffy]

The dividend's definitely in my Aussie bank account.

[boysy]

I think the vietnamese government approval which we are waiting for may be influenced by the drop in forign investment in vietnam. aparently i saw on cnbc that direct forign investment has fallen by over 70% in the last year i dont think they will want to rock the boat and not let ppp farm in. I think the uncertainty is holding back the sp and hopefully if/ once ppp gets approval the company should get more press and attention.

[Nitaa]

I thought it was pertinent given the uncertainty that many posters here have about PPP. Especially the different sorts of speculation surrounding the concerns with approval from thre Veitnam government to give approval. The following is a copy from the ASX thread which i posted a few weeks ago. This is in relation to the conversation I had with Tom Prudence CEO of PPP. I can say that after this discussion with Tom i was at more ease with PPP getting the approval with the Veitnamese government but of course there is no guarentees.

With so much speculation and uncertainty of what the Vietnamese oil exploration means, I decided to take the liberty and ring the CEO of PPP myself.

In short, PPP are awaiting approval from the Veitnamese Governent to complete the farm in agreement. That point is at least what most of us are aware of and in agreement.

The 15% that PPP would secure if successful is from Premier who is the operator. They reduce to 30% from 45%. Therefore there was no mention about ppp getting 12.75 or whatever it was.

The length of time to get approval is up to the Veitnamese Goverment but an approximate guess is 3 to 4 months. However it could be shorter or much longer. How long is a piece of string

I did raise a couple of other points with Tom and that is about the timing of the farm in agreement and in conjuction around the timing of the exploration. i.e meaning the results from the wirelog tests are likely to be known before the decision comes from the goverment. Tom's response that it was a reasonably common practice in different parts of the word. (This is my interpreation and not word for word). In saying that, The CEO did say that PPP had filled all the prior requirements to get to the stage it was at. So from that perspective i am fairly comfortable with the response and it has cleared up some misconceptions.

Although i was extremely concerned about PPP being in a vunerable position, the flip side is it would not be in the Veitnamese Government to poop on foreign investment only when it was in their favour. Simply put, foreign investment would dry up and prove too risky imo.

ps. this is what i beleived to be correct but do not take my points as gospel and for Petes sake DYOR.

There is a lot to gain or lose depending on the approval imo but at present I am holding PPP and its a position i am comfortable with.

[boysy]

I think as you quite ritely point out it isnt in vietnams best interest to poop of forign investment. In the mean time we can look foward to action a bit closer to home on happening. I wonder if the success at red emperor will tempt premier to further drilling in block 07/03 before the 4th quarter ?

[macduffy]

There is another consideration, altogether separate from getting approval to the farm-in and that is that the Vietnamese govt has an overriding option to 15% of the project.
As I understand things, the govt would only be expected to exercise its prerogative if/when the field is proven. In that event each partner's share effectively reduces by 15%, in PPP's case to 12.75%.
I think that's where the 15%/12.75% confusion has arisen.