Austral Pacific Finalizes Deal to Increase Interest in Cardiff Gas Condensate Field
November 14 2007 - 7:28PM
PR Newswire (US)
WELLINGTON, New Zealand, Nov. 14 /PRNewswire-FirstCall/ -- Austral
Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; Amex: AEN) Austral
Pacific is pleased to announce that it has completed the purchase
of all the shares of International Resource Management Corporation
Limited. This strategic acquisition increases Austral Pacific's
interest in the Cardiff gas condensate field (PMP 38156) to 44.9%.
The transaction closed by the issuance of 1,851,855 shares of
Austral-Pacific stock at a deemed price of US $1.21 on November 12,
2007. An additional cash component is due for payment by January
25, 2008. Operations Update A workover rig is currently being
mobilized to the Cardiff wellsite and is scheduled to begin
workover operations in the week beginning 19 November. The workover
of the Cardiff-2A well is designed to isolate the McKee and K1A
sandstone intervals in preparation for production testing of the
K3E zone. On completion of the workover, the rig will be released
and the site prepared for the testing programme. Testing of the K3E
interval is expected to commence in January. Updating the Company's
release of November 2, 2007, the Cheal A3X well is back in
production as scheduled, following a successful interim fix of the
pressure issues previously encountered. Interim Financials Filed
The Company has filed its interim unaudited quarterly financial
statements and accompanying Management Discussion & Analysis
for the nine months ended September 30, 2007. The full filings are
available on the Austral Pacific Energy Ltd. website
(http://www.austral-pacific.com/) or on SEDAR, the Canadian
securities commissions' filing system (http://www.sedar.com/). Web
site: http://www.austral-pacific.com/ Email: Phone: Thom Jewell,
CEO +64 (4) 495 0880 Or Brad Holmes, North American Investor
Relations +1 (713) 654-4009 None of the Exchanges upon which
Austral Pacific's securities trade have approved or disapproved the
contents hereof. This release includes certain statements that may
be deemed to be "forward-looking statements" within the meaning of
applicable legislation. Other than statements of historical fact,
all statements in this release addressing future production,
reserve potential, exploration and development activities and other
contingencies are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and actual results or
developments may differ materially from those in the
forward-looking statements, due to factors such as market prices,
exploration and development successes, continued availability of
capital and financing, and general economic, market, political or
business conditions. See our public filings at
http://www.sedar.com/ and
http://www.sec.gov/edgar/searchedgar/webusers.htm for further
information. DATASOURCE: Austral Pacific Energy Ltd. CONTACT: Thom
Jewell, CEO, +64 (4) 495 0880, or Brad Holmes, North American
Investor Relations +1-713-654-4009, both of Austral Pacific Energy
Ltd. Web site: http://www.austral-pacific.com/
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