Austral Pacific Updates Cardiff Gas Condensate Field Testing
27 August 2007 - 10:05AM
PR Newswire (US)
Workover of Cardiff 2AST1 WELLINGTON, New Zealand, Aug. 26
/PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (TSX-V: APX;
NZSX: APX; Amex: AEN) is pleased to announce that work on Cardiff
2AST1 is now underway. Long-lead equipment has been contracted and
the company is finalizing a contract with Parker Drilling
International to secure Rig 252 for working over the well prior to
testing the K3E reservoir. The plan is that a coiled tubing unit
will be used to plug off the perforations in the McKee sandstone.
Rig 252 will then be used to pull the existing tubing, plug the
perforations in the K1A reservoir, and run a new tubing string and
packer to isolate 25m of perforated gas bearing K3E Sandstone for
testing. The workover is planned to be completed, with the well
ready for testing, by late October, with the full test scheduled to
take place in November. Commenting on these important developments,
CEO and President, Thompson Jewell said, "We have been working hard
on planning this workover and the subsequent test to maximize the
data we can obtain; we feel strongly at this time that the K3E
reservoir holds the greatest potential in this wellbore and results
from the test will contribute significantly to our understanding of
the potential of the greater Cardiff structure." Previous results
of flow testing of the McKee and K1A sands in Cardiff- 2AST1,
undertaken during 2006, demonstrated sufficient commerciality to
secure a mining permit. Deep gas projects similar to Cardiff have
become more common in maturing basins in Canada, the USA and
Australia where to a large extent the technical challenges have
been addressed and overcome. 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, +64 (4) 495 0880, Web site:
http://www.austral-pacific.com/
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