Pan Pacific Petroleum NL : Change to Excercise Price of Options

STOCK EXCHANGE ANNOUNCEMENT

31 October 2012
Manager, Company Announcements Office
ASX Limited
Level 4, Exchange Centre
20 Bridge Street
SYDNEY NSW 2000

Change to exercise price of options

Pursuant to Listing Rule 3.11.2, Pan Pacific Petroleum NL (ASX:PPP) announces that following the return of capital to shareholders of AUD$0.05 on 9 November 2012 as resolved at the Extraordinary General Meeting held on 16 October 2012, the exercise price of the following unlisted options will be reduced by AUD$0.05 as required by Listing Rule
7.22.3.

Issue Date of Options	Number of Options	Old Exercise Price	New Exercise Price
9 September 2011	1,000,000	AUD$0.20	AUD$0.15

Yours faithfully

Ms Kim Ware
Company Secretary

Pan Pacific Petroleum NL ACN 000 749 799

Level 3, 123 Walker Street, North Sydney 2060 Australia Tel: [phone] Fax: [phone] www.panpacpetroleum.com.au