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Tony Radford has resigned as chairman of Pan Pacific Petroleum after a 15 per cent stake in the company was bought by New Zealand Oil & Gas, of which Mr Radford remains chairman.
Australian-based Pan Pacific said this week it would now review a process aimed at managing any potential conflict issues relating to Mr Radford's roles, following his resignation as its chairman on Boxing Day.
NZOG announced early last week that it had built a 15 per cent stake in Pan Pacific. Earlier it said it was building the stake to increase its exposure to the attractive producing Tui area oilfields in offshore Taranaki.
NZOG has a 12.5 per cent stake in Tui and Pan Pacific has 10 per cent.
Pan Pacific also said shareholders should note that NZOG had acquired its interest in Pan Pacific shares at prices up to A30 cents per share, not significantly higher than Pan Pacific's cash backing per share of A25c.
In the absence of a significant acquisition, Pan Pacific's net cash holdings would continue to increase in the financial year to June.
Pan Pacific said current market trading prices placed negligible value on its most significant asset, the 10 per cent interest in Tui, with remaining reserves net to Pan Pacific at the end of November comprising 3.1 million barrels.
Pan Pacific also appointed Northland Port Corporation chairman Michael Daniel and Australian corporate investor and director Joshua Pitt to its board.
- NZPA
