Forum Archive Index - December 2001

["Bob Boas" <boas@xtra.co.nz>]

Perhaps the real gain from a return of PPP shares to holders of NZOG, will be the prospects held in the Carnarvon Basin and in the Tui field. In the Carnarvon Basin off Western Australia, Pan Pacific hold 10% of the large Corvus gas find where Apache Energy are the operators. This is the same company who bought the Fletcher Energy interests in Canada and who are now looking to development of the gas field, linking up with other fields in the area. In Tui, PPP currently hold a 40% interest, of which 20% is likely to be farmed out to the financial advantage of PPP. They hold enough cash from current operations to proceed with drilling without further call on the shareholders. At a current price of A8.7 - 9c and with the same number of shares as NZOG, they provide a much better leverage into current and prospective discoveries than an investment in NZOG. The PPP directors believe that release of control from the majority holding of NZOG will free the company to find better acceptance in the wider market. Any major discovery in Tui or other adjacent prospects, is also likely to receive strong support in NZ. The Oil and Gas Bulletin published by Quentin Cameron has been a strong advocate of this company's prospects. 2002 looks to be the culmination of years of hard slog.

Disclosure- hold both with eager anticipation.

Bob B