South Pacific Resources Ltd (ASX: SPB), a Papua New Guinean private company, is the 100% holder of five petroleum prospecting licenses (PPL 356, 357, 358, 366 & 367) awarded to it in November 2010. On 29 April 2012 South Pacific Resources Ltd was acquired by Australian private company Indo-Pacific Energy Pty Ltd (‘IPE’). IPE was acquired by the Australian Listed entity, Orchid Capital Limited on 3 August 2012 and changed its name to South Pacific Resources Ltd (‘SPB’).

Company focus and the future

SPB is an oil & gas exploration company with all assets in PNG. SPB’s mission is to grow shareholder value by exploring for, developing and producing not only conventional but also unconventional oil & gas resources principally in PNG.

Furthermore the Board and Management of SPB are focussed and proactive in their identification, assessment and swift pursuit of new business possibilities consistent with that mission.

New opportunities will be sought principally within PNG and also by diligently leveraging access to highly prospective yet under-explored areas in or adjacent to known hydrocarbon-bearing basins and markets in the Asia-Pacific region.

Target opportunities will typically involve exploration for conventional and unconventional hydrocarbons as well as securing participation in selected high quality oil & gas developments and producing assets.

PSB has, and continues, judiciously to screen, evaluate and position itself to access a limited number of highly attractive new business opportunities. It believes these will generate value for shareholders and offer exposure to an exciting blend of projects consistent with the clear metrics embodied in its mission statement.