Austral Pacific Set to Complete Financing

About this update from Apex Resources Inc.

[{"type":"text","content":"\n\n\n\nWellington, New Zealand - February 11, 2008 - Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; AMEX: AEN)\n\n\nWELLINGTON, New Zealand, Feb. 10 /CNW/ -- Further to Austral Pacific\nEnergy Ltd.'s news release of December 19, 2007 announcing a US$15million\nplacement, the Company confirms that it has received US$11.1million and has\nbeen advised it will receive the final tranche of $3.9 million on February 22,\n2008. The financing involves the sale of 12,500,000 common (ordinary) shares\nwith attached warrants, sold as units at $1.20 per unit. Each unit consists of\none common share and one share purchase warrant. The warrants are exercisable\none-for-one into the Company's common shares for 12 months after closing at an\nexercise price of $2.25.\n\n\nA portion of the securities were placed in the United States to\naccredited investors in reliance on Rule 506 and are subject to resale\nrestrictions in the United States under Rule 144 for a one year period but can\nbe traded under Rule 904 through the TSX Venture Exchange after 4 months which\nis the basic hold period applicable to all the securities.\n\n\nThe majority of the proceeds from the private placement will be used to\naccelerate the Cheal field development with a goal of increasing the field\nreserve base and increasing production through the newly commissioned Cheal\nProduction Station. The proceeds will also fund other appraisal and\ndevelopment projects in Taranaki, New Zealand, and will be used to progress\nthe Cardiff field appraisal.\n\n\nThe Company has used part of the proceeds to pay the additional cash\ncomponent of the previously announced purchase of a further interest in its\nCardiff permit, by the purchase of all the shares of International Resource\nManagement Corporation Limited, whose principal asset is a 19.8% interest in\nthe Cardiff gas project (PMP 38156).\n\n\nCheal Operation Update\n\n\nCheal A1 was tied in to the production facilities this week as the first\nproducing well in the Urenui formation (shallower than the primary Mt\nMessenger producing zone). The well will be brought on-stream slowly and\ncommingled with production from the primary reservoir. The well is expected to\nproduce at 500mcf/d and 45-50 barrels of crude per day.\n\n\nThe Cheal field is currently producing in excess of 700bopd, in line with\nthe expectations of the ...

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