Now here is a stock that the more speculative investors might consider with the upcoming drilling program covering the next six months.
Pan Pacific Petroleum has recently announced that the Ocean Patriot drilling rig will begin drilling Tieke prospect in December this year.

"Prior to drilling the wells to access these reserves, the Tui Joint Venture operator has advised the rig schedule may allow a window for the Tieke prospect, which is about 7 kilometers from the proven fields, to be drilled which will maximise the rig availability and co-ordination with sub sea installations. Tieke has the potential to deliver up to a further 15 million barrels and a discovery could significantly enhance the Tui Area project. A decision on whether Tieke can be drilled at this time is expected to be made in mid to late November 2006."

PPP has a 10% interest in the Tui field which itself is expected to be in production
by June 2007. "A combination of initial high flow rates and potentially high oil prices promise the generation of strong front end cash flow for PPP from this fast-tracked development". To provide downside protection against falling oil prices PPP has hedged 27% of production reserves at a minimum of US$50 a barrel.
PPP's interest in the Tui field is worth about $70m (ref AWE web site) The PPP market cap is currently about $70m or 17 cents a share. One would expect PPP to trade at a 15% discount due to the uncertainties of bringing an oil field into production.

This means that investors are currently paying about 3.5 cents for the option of having four oil wells being drilled over the next six months.

A strike in either the Tieke-1 well or the Taranui-1 well will be able to be developed quickly due to their close proximity to the Tui well. Any success with these wells would encourage further drilling of Oi and Kahu permit areas which are also within 10k of the Tui area.
In short any discovery in this area would see the PPP share price show significant gains.

PPP also has a 4.15% interest in the Bricklanding Prospect in the Carnarvon Basin (West Australia) which will be drilled in late November.

Finally the Hector Prospects will be drilled somewhere around June 2007. The Hector prospect is of particular interest as PPP believe any discovery in this area will open up a "new oil fairway with substantial upside." PPP has a 14.1% interest in the Hector Prospect which has potential recoverable oil of 50 - 60 million barrels of oil.

PPP is at an exciting stage of its development with the Tui Field coming on stream in June 2007 and some drilling which could significantly increase the value of this holding likely to commence in December.
The shares look to have considerable upside on any success but limited downside due to the oil production coming on stream.
PPP remains a SPECULATIVE BUY