Austral Pacific Announces Sept Quarter Results

About this update from Apex Resources Inc.

[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, Nov. 13 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX) has filed its interim financial statements for the\nSeptember 2008 quarter.\n\n\nCash flow from operations was an encouraging $1.370 million compared with\na loss of $9.1 million in the previous quarter, reflecting the impact of oil\nprice hedges (now closed out).\n\n\nNet revenue in the quarter was $3.14 million (same quarter 2007, $2.14\nmillion). The net loss before tax was $2.93 million, largely driven by a $3.26\nmillion write-off of the commercially unsuccessful A6 and A6ST wells and the\nCardiff well workover. The net loss after tax for the quarter ended 30\nSeptember 2008 was $0.71 million (comparable period 2007 net loss of $3.64\nmillion).\n\n\nProduction from the Cheal oil field totaled 37,483 barrels for the\nSeptember quarter (Company share: 26,051 bbl), compared to the previous\nquarter of 42,812 barrels. During September, average daily total field\nproduction was 516 barrels.\n\n\nAustral Pacific chief executive Thom Jewell said, "We were pleased with\nour positive operating results, which we define as oil sales income against\ndirect expenses of royalties, production costs and G&A. We have targeted G&A\ncosts in particular. However this is overshadowed by the challenge of\nrefinancing and/or restructuring the Investec loan facility on or before\nDecember 15 in the current financial market, which leaves us with a going\nconcern uncertainty at this time."\n\n\nOn September 24, 2008, the company announced that a strategic\nalternatives review of its business had been initiated and this process,\nincluding inviting offers for funding as well as asset sales and\nparticipation, is still on-going with no clarity of outcome at this time.\n\n\nMr. Jewell commented that "the strategic alternatives review process is\nongoing, and the Company and its advisors are working closely with various\ninterested parties, including Investec. At this stage it would be premature to\ncomment further. Future announcements on the process will be made as soon as\nthe board of directors has approved a specific transaction or other course of\naction."\n\n\n Web site: http://www.austral-pacific.com\n Email: [email protected]\n Phone: Thom Jewell, CEO +64 (4) 495 0880 or\n Brad Holmes: +1 (713) 304 6962\n\n\nNo...

More updates from Apex Resources Inc.