Pan Pacific Petroleum ('PPP') has been advised by AWE, the Operator of permit PMP38158 that the Oi-2 exploration well, which is being drilled by the semi-submersible drilling rig 'Kan Tan IV', that as of 06:00hrs operations are proceeding to plug and abandon Oi-2 after which the rig will then abandon Oi-1 prior to release.
The Joint Venture partners in the Oi-2 exploration well are:
AWE Limited (via subsidiaries) (Operator) 31.25%
New Zealand Oil & Gas (via subsidiaries) 18.75%
Pan Pacific Petroleum (via subsidiaries) 50.00%