Pan Pacific Petroleum ('PPP') and Origin Energy report that a wholly owned subsidiary of Pan Pacific Petroleum, Pan Pacific Petroleum Vietnam (121) Pty Ltd ('PPPV121'), has now completed the acquisition of a 15% interest in the Block 121 Production Sharing Contract, offshore Vietnam, from Origin Energy (Song Hong) Pte. Ltd. ('Origin').

The Block 121 Joint Venture is now preparing to drill the large Ca Voi (Whale) prospect. Origin, on behalf of the Joint Venture, has contracted the Ocean General semi-submersible drilling rig to drill Ca Voi-1 with a spud date scheduled for May 2013, with timing subject to the date of the release of the rig to Origin from nearby Indonesian waters.

Tags: Pan Pacific Petroleum