Hydra agrees to buy PPP assets offshore Australia

Offshore staff

NORTH SYDNEY, Australia – Pan Pacific Petroleum (PPP) has agreed to sell its interests in the Carnarvon basin offshore Western Australia to Hydra Energy.

The assets are a legacy position from past activities that included production from the North Herald and South Pepper oil fields. They include numerous small undeveloped oil and gas discoveries.

However, PPP is more focused on high-potential exploration and acquisition opportunities in Southeast Asia, Australia, and New Zealand.

Hydra is a private Australian company with specialist capabilities in small field development, and a focus on undeveloped discoveries and late-life assets in Australia and Asia.

10/05/2012

Asset
    Participating Interest
TL2, and associated pipeline licenses TPL/3, TPL/4, TPL/7 and PL14     23.166%
TP/7     4.157%
WA-33-R     10%
WA-45-R     10%
WA-46-R     10%
WA-47-R     5.235%

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