Austral Pacific Energy Updates Reserves

About this update from Apex Resources Inc.

[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, Feb. 15 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX)\n\n\n\n\n\nAustral Pacific has revised its reserves estimates, in the process of\npreparing its annual reserves report. The Independent Reserves Evaluator's\nreport, prepared by Sproule International Limited, estimates Austral's 69.5%\nshare of the Cheal oilfield Proved and Probable oil reserves at 344mbo as at\nDecember 31, 2008.\n\n\n\n\n\nThe reserves revision has been driven by a number of factors including\nsignificantly reduced forward-looking oil price assumptions. Additional\ncontributing factors include: lower oil volumes due to the reduced thickness\nof the oil bearing reservoir encountered in the Cheal-A6 well in June 2008, a\nreduced number of wells included in the model as a result of current market\nconditions, and a more conservative recovery factor based on the existing well\nperformance over the past 12 months.\n\n\n\n\n\nAustral CEO Thompson Jewell said, "It is Austral's view that the field\nretains its upside potential. We are evaluating the impact of stimulating the\nexisting wells to improve both production rates and ultimate recovery per\nwell. Given success in this optimization program, we will be looking for\ncapital investment for a staged drilling campaign to expand the field and\nreserves."\n\n\n\n\n\n"Austral is continuing to reduce the production costs for the field and\nis projecting an OPEX figure, including transport and marketing, of\napproximately $US19.20 per barrel produced through the first six months of\n2009."\n\n\n\n\n\nThe reserves estimates have been prepared in accordance with the COGE\nHandbook and Canadian securities regulations. A full report on the company's\nyear end reserves will be filed by March 31, 2009.\n\n\n\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 ...

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