Pan Pacific Petroleum announce that its wholly owned subsidiary, Pan Pacific Petroleum Vietnam (121) (PPPV121) Pty Ltd., has entered into an agreement with Origin Energy to acquire a 15% interest in the Block 121 production-sharing contract offshore Vietnam.

This transaction has received waiver of pre-emptive rights by PetroVietnam, and approval by the Vietnamese government. Completion is subject to the contracting of a rig by Origin to drill the outstanding commitment well.

Upon completion of the transaction, the participating interests will be: PPPV121, 15%; Origin, operator, 45%; and Premier Oil, 40%.