Pan Pacific Petroleum to Sell Carnarvon Basin Oil, Gas Discoveries

Pan Pacific Petroleum has agreed to sell its Carnarvon Basin interests to Hydra Energy (WA), a company established and controlled by Hydra Energy Holdings. The assets contain a number of small undeveloped oil and gas discoveries which are not considered a fit with PPP’s focus on high potential exploration and acquisition growth opportunities in the South East Asia, Australia/New Zealand region.

Hydra is a private Australian company backed by Barclays Natural Resource Investments, a division in the Investment Bank of Barclays Bank, as a financial investor and the majority shareholder. Hydra has specialist capabilities in small-field development with a focus on undeveloped discoveries and late-life assets in Australia and Asia.

The completion of the sale of the PPP Carnarvon assets is subject to Joint venture, government and regulatory approvals, with an effective date of 1 August 2012.