PPP in trading halt pending asset disposal announcement
Pan Pacific Petroleum’s shares will be placed in a trading halt at the Australian Stock Exchange at the company’s request.
The company has called for a trading halt pending the anticipated announcement of disposal of the company’s “major undertaking venture.”
The trading halt is expected to end either on Wednesday April 19, 2017 or whenever the expected announcement is released.
PPP in March completed the sale of its stake in Tui area oil fields, offshore New Zealand to Malaysia’s Tamarind, as the field is nearing end of life.
The company then said it was in a strong financial position, with estimated cash of circa US$12 million and liquid investments of US$3 million post sale.
“Finalizing this transaction will allow the company to dedicate this capital to oil and gas growth opportunities rather than restoration activities,” PPP said in March.
Offshore Energy Today Staff