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Pan Pacific Petroleum (PPP) has agreed to sell its Carnarvon basin interests to Hydra Energy (WA) Pty Ltd., according to a news release.
The PPP Carnarvon assets are a legacy position from past activities that included production from the North Herald and South Pepper Oil fields. The assets contain a number of small undeveloped oil and gas discoveries that 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, the release said.
The completion of the sale of the PPP Carnarvon assets is subject to joint venture, government, and regulatory approvals, with an effective date of Aug. 1.