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Business Description: Pan Pacific Petroleum NL is an Australian oil company with exploration and production assets in New Zealand and Western Australia. Pan Pacific's primary focus is on its 10% equity in the Tui oilfields, in Taranaki Basin, New Zealand.
Strategy Analysis: PPP focus on the exploration and development of their assets through joint venture projects. PPP also utilise the cash flows from existing producing assets to fund the exploration and development of other projects. This can be seen through the planned expansion project at the Tui Area Oil project and proposed further exploration. PPP are also involved in a joint venture with Apache in the Carnarvon Basin. Finally, PPP seek to limit the downside risk in oil prices via hedging through the use of options.
Pan Pacific Petroleum reported a net loss of $9.12 for the year ended 30 June 2010. Revenues from ordinary activities were $42.73m, down 53% from last year. Diluted EPS was (1.55) cents compared to 6.92 cents last year. Net operating cash flow was $14.16m compared to $39.55m last year. No dividend was declared.
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