Cheal Oil Field Development - PMP 38156, New Zealand
30 November 2006 - 10:49AM
PR Newswire (US)
WELLINGTON, New Zealand, Nov. 29 /PRNewswire-FirstCall/ -- Austral
Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; AMEX: AEN) Austral
Pacific Energy Ltd. announced today that the Cheal B3 well reached
a total depth of 1,927 metres (6,322 feet) on 27 November. The
target Mt Messenger sands were intersected over a gross interval
from 1,726 metres (5,663 feet) to 1,772 metres (5,814 feet).
Wireline logs indicate a net pay of 10 metres (33 feet) and that
these sands are oil bearing. Sands from the secondary target Urenui
Formation were intersected over a gross interval from 1,365 metres
(4,478 feet) to 1,396 metres (4,580 feet). Wireline logs indicate a
net pay of 8 metres (26 feet) and that these sands are also oil
bearing. The Cheal B3 well is the third of four wells to be drilled
back to back from the Cheal B site as part of the Cheal Oil Field
development. Austral Pacific Energy Ltd. holds a 36.5 percent
interest in the field (rising to 69.5 percent following the
completion of the acquisition of Arrowhead Energy Limited) and is
the operator. TAG Oil holds the remaining 30.5% interest in the
permit. Commenting on the announcement Chief Executive Officer Rick
Webber said, "This is another very encouraging result for the Cheal
Joint Venture. Continued success with drilling from the Cheal B
site increases our confidence in the resource potential of the
northern extension of the Cheal Oil Field." Following the running
of production casing in the Cheal B3 well, Ensign Energy Services'
Rig 19 will be skidded to an adjacent, pre-installed conductor for
the immediate drilling of the Cheal B4 well. In other news Mr.
Webber reported that construction of the processing facilities at
the Cheal A site is making good progress. "The site foundations are
now largely complete and installation of the oil storage tanks is
underway," said Mr Webber. "Fabrication of the separator vessels is
well advanced at a Lower Hutt engineering firm." Web site:
http://www.austral-pacific.com/ Email: Contact: Rick Webber, CEO,
+64 (4) 495-0888 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: Rick
Webber, CEO of Austral Pacific Energy Ltd., +64-4-495-0888, or Web
site: http://www.austral-pacific.com/
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