Austral Pacific Finalizes Deal to Increase Interest in Cardiff Gas Condensate Field

About this update from Apex Resources Inc.

[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, Nov. 14 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN)\n\n\nAustral Pacific is pleased to announce that it has completed the purchase\nof all the shares of International Resource Management Corporation Limited.\nThis strategic acquisition increases Austral Pacific's interest in the Cardiff\ngas condensate field (PMP 38156) to 44.9%.\n\n\nThe transaction closed by the issuance of 1,851,855 shares of\nAustral-Pacific stock at a deemed price of US $1.21 on November 12, 2007. An\nadditional cash component is due for payment by January 25, 2008.\n\n\nOperations Update\n\n\nA workover rig is currently being mobilized to the Cardiff wellsite and\nis scheduled to begin workover operations in the week beginning 19 November.\nThe workover of the Cardiff-2A well is designed to isolate the McKee and K1A\nsandstone intervals in preparation for production testing of the K3E zone. On\ncompletion of the workover, the rig will be released and the site prepared for\nthe testing programme. Testing of the K3E interval is expected to commence in\nJanuary.\n\n\nUpdating the Company's release of November 2, 2007, the Cheal A3X well is\nback in production as scheduled, following a successful interim fix of the\npressure issues previously encountered.\n\n\nInterim Financials Filed\n\n\nThe Company has filed its interim unaudited quarterly financial\nstatements and accompanying Management Discussion & Analysis for the nine\nmonths ended September 30, 2007.\n\n\nThe full filings are available on the Austral Pacific Energy Ltd. website\n(http://www.austral-pacific.com) or on SEDAR, the Canadian securities\ncommissions' filing system (http://www.sedar.com).\n\n\nWeb site: http://www.austral-pacific.com\nEmail: [email protected]\nPhone: Thom Jewell, CEO +64 (4) 495 0880\nOr Brad Holmes, North American Investor Relations +1 (713) 654-4009\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 contingencie...

More updates from Apex Resources Inc.