Cardiff Well Testing - Operations Update
March 10 2008 - 6:55PM
PR Newswire (US)
WELLINGTON, New Zealand, March 10 /PRNewswire-FirstCall/ -- Austral
Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; Amex: AEN) Following on
from the successful rig workover to isolate the K3E formation,
testing operations commenced on Cardiff 2A ST-1 two weeks ago. Well
testing operations comprises an initial flow period allowing the
well to clean up, followed by an extended shut-in period for a
pressure build up to assess the current reservoir conditions. The
initial clean up phase has been completed and Austral has now
shut-in the well. The shut-in period is expected to be 3-4 weeks,
after which further testing operations will resume. The initial
flow period recovered workover and completion fluids, and some
formation fluid, with small amounts of gas from the reservoir. The
reservoir pressure during the test appears to be below
expectations, based on the offset Cardiff 1 well data. This could
be an indication of reservoir damage during the long dormant period
between the initial drilling and this testing program. The
remainder of the test program on the K3E reservoir, including
re-perforating the reservoir sequence and flow testing, will be
reviewed, once the results of the current shut-in period are
assessed. The information gained from this test is an important
component of the ongoing Cardiff field appraisal and development
activities. Austral Pacific's CEO, Thom Jewell, said, "Expectations
were not high of flowing sustainable gas/condensates from this part
of the test program. The perforated interval is assumed to have
been badly damaged during the original testing and the well has
been left shut-in for the last 18 months, exacerbating the damage
and making contact with the reservoir unlikely. However, samples
and the pressure data are vital for us to fully assess the
potential of this resource that lies in 4 distinct fault
compartments and may total between 200-500 bcf. The shut-in period
will provide further pressure data and the follow-up operations
will depend on the interpretation of this and all available
information." 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. Web site: http://www.austral-pacific.com/ Email:
Phone: Thom Jewell, CEO +64 (4) 495 0880 or Brad Holmes: +1 (713)
304 6962 DATASOURCE: Austral Pacific Energy Ltd. CONTACT: Thom
Jewell, CEO, +64 (4) 495 0880, or Brad Holmes, +1-713-304-6962,
both of Austral Pacific Energy Ltd., Web site:
http://www.austral-pacific.com/
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