Hydra

SPECIALIST IN SMALL FIELD OIL & GAS DEVELOPMENTS

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Pan Pacific Petroleum to sell Carnarvon Basin assets

Pan Pacific Petroleum NL
Tom Prudence – Chief Executive Officer
5 October 2012

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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.

A location map and a listing of the permits licence and leases included in the transaction are included below.

Asset Participating Interest
TL2, and associated pipeline licences
TPL/3, TPL/4, TPL/7 and PL14
23.166%
TP/7 4.157%
WA-33-R 10%
WA-45-R 10%
WA-46-R 10%
WA-47-R 2.235%

Assets and Participating interests

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Asset Location Map

For further information please contact:

Tom Prudence
Chief Executive Officer
Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177
www.panpacpetroleum.com.au

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