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

Pan Pacific Petroleum to sell Carnarvon Basin assets

Pan Pacific Petroleum NL ("PPP") has agreed to sell its Carnarvon Basin interests to Hydra Energy (WA) Pty Ltd, a company established and controlled by Hydra Energy Holdings Pty Ltd ("Hydra"). The PPP Carnarvon assets are a legacy position from past activities which included production from the North Herald and South Pepper Oil Fields. The assets contain a number of small undeveloped oil and gas discoveries which are not considered a fit with PPP's focus on high potential exploration and acquisition growth opportunities in the South East Asia, Australia/New Zealand region.
Hydra is a private Australian company backed by Barclays Natural Resource Investments, a division in the Investment Bank of Barclays Bank PLC, as a financial investor and the majority shareholder. Hydra has specialist capabilities in small-field development with a focus on undeveloped discoveries and late-life assets in Australia and Asia. The PPP Carnarvon assets have a clear fit with the Hydra strategy.
The completion of the sale of the PPP Carnarvon assets is subject to Joint venture, government and regulatory approvals, with an effective date of 1 August 2012.
A location map and a listing of the permits licence and leases included in the transaction are included below.

Continued over

Asset

Participating Interest

TL2, and associated pipeline licences

TPL/3, TPL/4, TPL/7 and PL14

23.166%

TP/7

4.157%

WA-33-R

10%

WA-45-R

10%

WA-46-R

10%

WA-47-R

5.235%

Assets and Participating interests Asset Location Map

For further information please contact: Tom Prudence Chief Executive Officer Pan Pacific Petroleum NL
Telephone: + 61 2 9957 2177 www.panpacpetroleum.com.au

2

distributed by