Zeta, which currently owns 16.8 percent of PPP, is offering 5 Australian cents a share for the remaining shares.
Trading in Pan Pacific Petroleum’s shares has been suspended this morning, with a material announcement expected from the mining company soon.
The NZSX-listed Australasian company last month announced it was issuing options of up to $A2 million at a price of $0.70 each up to September 2011.
Pan Pacific Petroleum is hoping to get 90 million barrels out of its Loltoe prospect, with Oilex – its Timor Sea operator – currently drilling at the site.
NZSX-listed Pan Pacific Petroleum is issuing options of up to $A2 million.
An NZX (PPP) announcement this morning said the Australian company would issue the options at a price of $0.70 up to September 2011.
Oilex Ltd, the company’s Timor Sea operator, last week announced it would plug and abandon the Lore-1 well, after initially targeting prospective oil resources of 195 million barrels.
NZX-listed Pan Pacific Petroleum’s Timor Sea drilling program is moving on to another prospect after no moveable hydrocarbons were found in its first well.
It was targeting prospective oil resources of 195 million barrels.
The Australian company (NZX:PPP), which is has a 10% equity in the Tui oilfields along with New Zealand Oil & Gas (12.5%), Australian Worldwide Exploration (42.5%) and Mitsui E&P Australia Pty (35%), also has assets in Western Australia.