Business
Austral Pacific Increases Interest in Cardiff Gas Field
Austral Pacific Increases Interest in Cardiff Gas Field.
About this update from Apex Resources Inc.
[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, Aug. 7 /CNW/ - Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN)\n\n\nAustral Pacific Energy Increase Interest in Cardiff Gas Field\n\n\nIn keeping with its strategies for growth, Austral Pacific Energy Ltd. is\npleased to announce that it has signed an agreement to acquire all the shares\nof International Resource Management Corporation Limited ("IRM") (subject to\nfinancing arrangements and finalization of due diligence). IRM is a small,\nprivately held, New Zealand oil and gas exploration and production company\nwhose principal asset is a 19.8% interest in the Cardiff gas field (PMP\n38156).\n\n\nCommenting on this strategic acquisition President and CEO Thom Jewell\nsaid, "This transaction will effectively increase the Austral Pacific interest\nin the Cardiff asset to 44.9%. The Cardiff testing is proceeding and we expect\nto be in position to make a more detailed announcement regarding progress\nwithin the week."\n\n\nThe consideration for IRM's interest will be paid partly in cash, and\npartly by the issue of shares in the Company, subject to regulatory approvals.\nThe shares are to be issued at a price based on average market price as at the\ndate the agreement becomes unconditional.\n\n\nInterim Financials Filed\n\n\nAustral Pacific Energy Ltd. has filed its interim unaudited quarterly\nfinancial statements and accompanying Management Discussion & Analysis for the\nthree months ended 30 June 2007.\n\n\nThe full filings are also available on the Austral Pacific Energy Ltd.\nwebsite (http://www.austral-pacific.com) or on SEDAR, the Canadian securities\ncommissions' filing system (http://www.sedar.com).\n\n\nAustral Pacific Energy is a Canadian registered company with head office\nin Wellington and listed on the NZSX, the TSX-V and the AMEX.\n\n\nWeb site: http://www.austral-pacific.com\nEmail: [email protected]\nPhone: 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, ex...