Austral Pacific Announces Farmout of PEP 38524

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[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, June 3 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN) -- Austral Pacific Energy Ltd. announces\nthat it has farmed down an 80 percent interest in PEP 38524, offshore Tasman\nBay, to Australian Worldwide Exploration Limited (ASX: AWE). In return AWE has\nundertaken to fully fund acquisition of some 350km of 2D seismic within the\npermit. The farmout is subject to approval of a revised work programme by the\nMinistry of Economic Development.\n\n\nOn commenting on the farmout, Chief Executive Thom Jewell said "Austral\nPacific is very pleased to have such an experienced explorer and developer of\noil and gas resources enter into and contribute to the ongoing exploration of\nthe permit."\n\n\n"AWE has taken on operatorship of the permit and will conduct seismic\nacquisition as well as any drilling that may be undertaken on behalf of the\njoint venture," said Mr Jewell.\n\n\nPEP 38524 covers some 2,187 sq km and is situated west of D'Urville\nIsland. The area is interpreted to form an extension of the South Taranaki\nBasin, which includes the Kupe South and Maari oil and gas fields.\n\n\nMr Jewell noted that Austral Pacific is still very much at the\nexploration phase with the permit and that developing the D'Urville permit is\nin keeping with its strategic plan of having a diverse portfolio of producing\nassets and material exploration plays.\n\n\n Web site: http://www.austral-pacific.com\n Email: [email protected]\n Phone: Thom Jewell, CEO +64 (4) 495 0880\n\n\nNone of the Exchanges upon which Austral Pacific's securities trade have\napproved or disapproved the contents hereof. This release includes certain\nstatements that may be deemed to be "forward-looking statements" within the\nmeaning of applicable legislation. Other than statements of historical fact,\nall statements in this release addressing future production, reserve\npotential, exploration and development activities and other contingencies are\nforward-looking statements. Although management believes the expectations\nexpressed in such forward-looking statements are based on reasonable\nassumptions, such statements are not guarantees of future performance, and\nactual results or developments may differ materially from those in the\nforward-looking statements, due to factors suc...

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