Pan Pacific Buys into Vietnam Offshore Block

Pan Pacific Petroleum (PPP) has entered into an agreement with Origin Energy to acquire a 15% interest in the Block 121 Production Sharing Contract, offshore, Vietnam.

Upon completion of the transaction, Pan Pacific will hold 15% interest, Origin 45%, Premier Oil  40%.

Block 121 is an offshore area adjacent to the Vietnam coastline and covers over 8000 square km. It is located over the northern portion of the Phu Khanh Basin and includes the southern extension of the Triton Horst. This is a relatively underexplored, but potentially attractive area and has the possibility to contain both oil and gas.

Successful completion of the transaction will see PPP participate through its subsidiary PPPV121 in the drilling of an attractive prospect and will further develop PPP''s portfolio in Vietnam.