Pan Pacific Petroleum Nl (PPP)

[CAM]

the original press release may answer your questions.....

30 October 2003
PEP38460 PERMIT – FARMOUT CONCLUDED WITH MITSUI & CO.

Pan Pacific Petroleum NL (PPP) advises that the previously announced farmout of a 5.0% interest in PEP38460 has now been concluded by execution of a formal sale and purchaseagreement with Mitsui & Co Ltd (Mitsui) leaving PPP with a 10% interest. Regulatory approval of the transaction is now being obtained.

PPP’s Chief Executive Tony Radford commented “We are pleased that Mitsui have recognised the prospectivity of the West Maui permit and the significance of the Tui oil discovery made in February 2003”.

Mitsui is a significant company, with a market capitalisation of approximately US$10 billionand worldwide oil and gas interests.Mitsui will fund up to A$3 million (US$2.1 million) of PPP’s expenditure in PEP38460 over thenext year for its share of:

1. Two firm exploration wells (Amokura and Pukeko)
2. A third exploration well, dependent on results from the Amokura and Pukeko
3. If a development proceeds, initial development costs of US$9.5m (A$14m approximately).

The PEP38460 joint venture has signed a letter of intent with Diamond Offshore Drilling Co.for the use of one of their semi-submersible drilling units for drilling expected to commence in March 2004. The likely drilling unit is the Ocean Bounty, which drilled the Tui discovery well.

[PGL]

Cam,

"3. If a development proceeds, initial development costs of US$9.5m (A$14m approximately). "

I think that in the detailed agreement this clause was time-limited ie FID development decision had to take place prior to a certain date otherwise obligation for Mitsui to provide funding lapsed. The expiry date was late last year so the clause no longer applies as the FID has not yet been made - I will try to find reference and post

[CAM]

The only thing I could find was this....but couldn't find any reference to development costs...just drilling

The Mitsui farmin to the Tui area expired on 30 October 2004 with Pan Pac
receiving a partial carry through the drilling of 4 wells

[PGL]

Sorry I can't cite reference.

I think (but am not 100% sure) that Mitsui development carry for PPP expired end 2004. I am definite that the Mitsui carry of NOG did expire at that time.

Maybe enquiry to company would be appropriate for those interested.

[kittydashwood]

I didn't think the carry had an expiry date.
An email to the company should clear it up.

[kittydashwood]

No reply yet on the details of the Mitsui carry.

Interesting to see wedge forming on increased volume.
Will test resistance in the short term. (previous support level @ .14cents)
This share has been a candlestickers nightmare often giving false signals and seldom exhibiting early warnings of price moves, volume seems to be the most telling indicator here.

[CAM]

quote:Originally posted by kittydashwood

No reply yet on the details of the Mitsui carry.

I emailed .....

Hello,

I am a shareholder in Pan Pacific Petroleum and have a query relating to PEP 38460 in New Zealand and the development of the field.

It was stated in a press release in October 2003 that If development
proceeds, initial development costs of US$9.5m (A$14m approx.) would be carried by Mitsui.

Is this still the case or did the carry for development costs have an
expiry date?


REPLY....

Dear Sir,
Your email refers. The Mitsui farmin to the Tui area expired on 30
October 2004.

For your information I attach copy of December 2004 Quarterly Activities Report where under the heading of FINANCIAL (page 2) there is mention of this.

If you require additional information, please do not hesitate to contact me.


Regards
Marianna Bayatrah
Pan Pacific Petroleum NL
Level 3, 88 Walker Street
North Sydney NSW 2060
Australia
Telephone: + 61 2 9957 2177
Email: mariannab@panpacpetroleum.com.au


Info in the quarterly....

FINANCIAL
The Mitsui farmin to the Tui area expired on 30 October 2004 with Pan Pac receiving a partial carry through the drilling of 4 wells – see ASX releases of 3 October 2003 and 30 October 2003.

[kittydashwood]

Cheers CAM

I received a reply today and it read along the lines of yours.
Interesting price action both sides of the Tassie today, with some solid looking depth on the ASX.

Momentum seems to be slowly building all be it with the assistance of 60$ oil. Volume higher but still pretty thin. Looking at the three year chart you can see a repeated pattern emerging, price spikes followed by very jagged shaped pan-handles which lead into the next price spike.

Looking to accumulate more of these on positive announcement. Probably on the more liquid ASX.

Oh yeah that seal butcher donner (who seems to have a bit of a hardon for cute furry animals), will be pleased to know I have a new cat in my vat.

[donner]

People will make up their own minds whether I am a butcher of seals Ruth. Just like they will make up their own minds about whether or not Kittydashwood is Capitalist.

I guess they will also come to their own conclusions about why you are too gutless to post under your Capitalist pseudonym anymore except for on the lamest of threads. Why don't you offer an opinion on GEN again?[B)]

[kittydashwood]

Gee kebab head maybe it's because i'm not Capitalist and not female.
HAHAHAHAHAHAHAHAHAHAHAHA

Look at our syntax, our beliefs, our politics and the stocks we hold .... very different.
Besides if you check carefully you'll see I gentley rib that SL driving matron every chance I get.

Put the seal club down dude