PetroVietnam exercises right for block 07/03 interest

PetroVietnam Exploration Production has exercised its pre-emptive right to acquire a 10% participating interest, out of the proposed 15% assignment, from Premier Oil Vietnam South’s farmout of block 07/03 to Pan Pacific Petroleum (Vietnam) (PPPV).

Offshore staff

SYDNEY, Australia -- PetroVietnam Exploration Production has exercised its pre-emptive right to acquire a 10% participating interest, out of the proposed 15% assignment, from Premier Oil Vietnam South’s farmout of block 07/03 to Pan Pacific Petroleum (Vietnam) (PPPV).

Assignment of the remaining 5% to PPPV remains subject to formal PetroVietnam and Vietnamese government approval.

11/20/2009

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