According to PPX it is inviting “investors to participate in a limited portion of the drilling program in an attempt to prove the existence of hydrocarbons in quantities that could potentially equal those of world-class giant oil fields.”
According to Sun Herald.com PPX is farming into a 75 percent Working Interest in the one million acre North Block. On completion of the farm-in, PPX and its shareholders will hold a 66 percent Net Revenue Interest. The drilling is situated in approximately 130 feet of water, and drilling is expected to attain a total depth of 5,000 feet.It added that PPX is inviting investors to participate in a private placement to raise euro 30 million to fund the drilling program.Palau Pacific Exploration (PPX) is an oil and gas exploration company which wants to drill oil in Palau.
