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
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.
It has already been forced to plug and abandon the Lore-1 well, after initially targeting prospective oil resources of 195 million barrels.
New Zealand Oil & Gas acquired a 15% strategic stake in the company in December 2008.
The share price has now been temporarily frozen at 48 cents, down from a high of 80 cents last year.
