PanPacific drops offshore field sale proposal

Offshore staff

NORTH SYDNEY, Australia – PanPacific Petroleum (PPP) has dropped plans to seek offers for various oil and gasfield interests.

These include stakes in the Tui oil project offshore New Zealand and the Talisman-operated CRD development offshore Vietnam.

The company’s decision follows notice from Zeta Energy that it has now acquired 46.45% of PPP’s shares. Zeta, which is pursuing an unsolicited takeover of PPP, would likely vote against any proposed asset sale.

5/29/2015

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