Pan Pacific Petroleum seeks offers for oil and gas projects
() is seeking offers for its stake in the producing Tui Oil Field in New Zealand as well as the CRD development project in Vietnam.
Its 15% stake in Tui has been independently valued at between $15 million and $22.5 million while its 5% interest in Block 07/03 (CRD) is valued at $5.1 million to $12 million.
Selling these assets will increase the company’s cash to between $44.7 million and $69.3 million from the current $21.4 million.
This is equal to between approximately $0.076 and $0.118 per share which at $0.118 is a 136% premium to the $0.05 per share offered by Zeta Energy () in its recent takeover offer.
The company also continued to urge shareholders to reject Zeta’s offer by taking no action.
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