Pan Pacific Petroleum farms into JPDA 06-103 production sharing contract
Oct. 1, 2009
A subsidiary of Pan Pacific Petroleum has agreed to acquire a 15% participating interest in the JPDA 06-103 production sharing contract (JPDA 06-103) by executing simultaneous 5% farm-out agreements with Global Energy, Bharat PetroResources, and GSPC.
Offshore staff
SYDNEY, Australia -- A subsidiary of Pan Pacific Petroleum has agreed to acquire a 15% participating interest in the JPDA 06-103 production sharing contract (JPDA 06-103) by executing simultaneous 5% farm-out agreements with Global Energy, Bharat PetroResources, and GSPC.
The terms of the agreements include a partial refund of the farm-out parties’ past costs and a contribution to costs for the first two exploration wells to be drilled in JPDA 06-103.
Upon completion of PPPJ’s farm-in obligations, the participating interests will be: • Pan Pacific Petroleum - 15% • Oilex (Operator) - 10% • Global Energy - 20% • GSPC - 20% • Bharat PetroResources - 20% • Japan Energy E&P - 15%
The farm in is subject to the waiver of pre-emptive rights by the joint venture partners and approval by the Autoridade Nacional do Petróleo of Timor Leste.
