Pan Pacific Petroleum NL (PPP) has agreed to sell its Carnarvon Basin interests to Hydra Energy (WA) Pty Ltd, a company established and controlled by Hydra Energy Holdings Pty Ltd (Hydra). The PPP Carnarvon assets are a legacy position from past activities which included production from the North Herald and South Pepper Oil Fields. 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 PLC, 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 PPP Carnarvon assets have a clear fit with the Hydra strategy. 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.
The Pan Pacific’s Participating Interest in the Carnarvon assets are as follows: 23.166% in TL2, and associated pipeline licenses TPL/3, TPL/4, TPL/7 and PL14; 4.157% in TP/7; 10% in WA-33-R, WA-45-R, and WA-46-R; and 5.235% in WA-47-R.
