KOROR (Palau Horizon) – Palau Pacific Exploration (PPX) has secured an option to farm into an approximate one million acre drilling concession on the North Block situated in the State of Kayangel in Palau.
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.
