Business
Austral Pacific Announces Strategic Alternatives Review
Austral Pacific to Conduct Comprehensive Review of Business Options WELLINGTON, New Zealand, Sept...
About this update from Apex Resources Inc.
[{"type":"text","content":"\n\n\n\nAustral Pacific to Conduct Comprehensive Review of Business Options\n\n\n\nWELLINGTON, New Zealand, Sept. 23 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX)\n\n\nAustral Pacific Energy Ltd. today announced that it has decided to\ninitiate a strategic alternatives review of its business.\n\n\nAustral CEO and President Thompson Jewell said, "In light of the low\nshare price, Austral Pacific has initiated a strategic review to consider all\noptions available to the company to maximise value for its shareholders".\n\n\nIn conjunction with the strategic review, Austral Pacific has appointed\nAustralasian investment banking firm McDouall Stuart as the company's\nFinancial Advisor.\n\n\nThe strategic review will be comprehensive, and will consider new capital\ninvestments as well as third-party approaches for asset sales and/or merger\nproposals.\n\n\nNo decision on any particular alternative has been reached at this time\nand there can be no assurance that the process will result in any change in\nthe Company's current plans to seek additional capital in order to refinance\nits existing credit facility or that the Company will pursue any particular\ntransaction.\n\n\nAustral does not intend to make any further announcement regarding the\nprocess unless and until its board of directors has approved a specific\ntransaction or other course of action or otherwise deems disclosure of\ndevelopments is appropriate.\n\n\nAustral Pacific is a listed independent oil and gas exploration and\nproduction company registered in Canada with corporate headquarters in\nWellington, New Zealand. The Company has an interest in eight exploration and\nproduction permits totaling over 0.5 million acres in New Zealand. The\nCompany's primary assets are the Cheal Field, Kahili Field and Cardiff Field\nlocated onshore in the highly prolific Taranaki Basin on the North Island of\nNew Zealand.\n\n\n Web site: http://www.austral-pacific.com\n Email: [email protected]\n Phone: Thom Jewell, CEO +64 (4) 495 0880 or Brad Holmes +1 (713) 304 6962\n For McDouall Stuart:\n Phone: Dugald Morrison +64 (21) 833-907 or [email protected]\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 &quo...