Pan Pacific updates Maitland

Pan Pacific Petroleum NL says evaluation of the Maitland-2 well in permit WA-33-R in the Carnarvon basin offshore Australia has been completed.

Offshore staff

North Sydney, Australia -- Pan Pacific Petroleum NL says evaluation of the Maitland-2 well in permit WA-33-R in the Carnarvon basin offshore Australia has been completed. The well was plugged, and a core over the reservoir section was recovered.

A horizontal sidetrack, Maitland-3H, has subsequently been drilled to its total depth, penetrating more than 500 m (1,640 ft) of the reservoir in the horizontal section. Good gas shows were observed during the drilling of the horizontal section, Pan Pacific says.

The results to date are consistent with the expected gas charged reservoir. Preparations are now being made to flow test horizontal well, Maitland-3H, to establish potential development production rates for the field.

Apache Oil Australia Pty. Ltd. operates the permit with 48.82% interest. Partners include
Pan Pacific Petroleum NL with 10% interest, Santos (BOL) Pty. Ltd. with 18.71% interest, and Tap Oil Ltd. with 22.47%.

9/26/2007

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