Austral Pacific Increases Interest in Cardiff Gas Field
August 07 2007 - 7:12PM
PR Newswire (US)
WELLINGTON, New Zealand, Aug. 7 /PRNewswire-FirstCall/ -- Austral
Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; Amex: AEN) Austral
Pacific Energy Increase Interest in Cardiff Gas Field In keeping
with its strategies for growth, Austral Pacific Energy Ltd. is
pleased to announce that it has signed an agreement to acquire all
the shares of International Resource Management Corporation Limited
("IRM") (subject to financing arrangements and finalization of due
diligence). IRM is a small, privately held, New Zealand oil and gas
exploration and production company whose principal asset is a 19.8%
interest in the Cardiff gas field (PMP 38156). Commenting on this
strategic acquisition President and CEO Thom Jewell said, "This
transaction will effectively increase the Austral Pacific interest
in the Cardiff asset to 44.9%. The Cardiff testing is proceeding
and we expect to be in position to make a more detailed
announcement regarding progress within the week." The consideration
for IRM's interest will be paid partly in cash, and partly by the
issue of shares in the Company, subject to regulatory approvals.
The shares are to be issued at a price based on average market
price as at the date the agreement becomes unconditional. Interim
Financials Filed Austral Pacific Energy Ltd. has filed its interim
unaudited quarterly financial statements and accompanying
Management Discussion & Analysis for the three months ended 30
June 2007. The full filings are also 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/). Austral Pacific Energy is a Canadian
registered company with head office in Wellington and listed on the
NZSX, the TSX-V and the AMEX. Web site:
http://www.austral-pacific.com/ Email: Phone: Thom Jewell, CEO +64
(4) 495 0880 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 of Austral Pacific Energy Ltd., +64 (4) 495 0880 Web
site: http://www.austral-pacific.com/
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