Message #1 From:
Jason Date: July 4, 2007 04:46:44 PM
Austral Pacific March 2007 Quarter Results Filed
Austral Pacific Energy Ltd.
(TSX-V: APX; NZSX: APX; Amex: AEN)
Austral Pacific Energy has now filed its results for the quarter that
ended on March 31, 2007. The company had a loss of US$2.2 million [($0.08)
per common share]. The company held cash and short term deposits amounting to
$6.1 million. This balance includes $3 million that is held in a restricted
account required under the loan facility from Investec Bank, Australia. Cash
held by the Company decreased in the quarter by $4.0 million. This was the
result of meeting its commitments during the quarter.
Construction of the production facilities continues on the Cheal A site
and the plant is expected to be commissioned in July 2007. Production
approaching a target rate of 1,900 barrels per day is expected to be achieved
by the end of the third quarter, 2007.
Austral's share of the current 500 barrels per day of test production
from the Cheal B site totaled $782,499 for the quarter, together with $390,703
of joint venture recoveries and interest.
Following quarter end, the Company raised $3.2 million by way of a
private equity placement and drew down a further $3.262 million of the
Investec loan facility.
Thompson Jewell, CEO and President, said "We are pleased with the
progress we are making at Cheal A and the pipelines linking the well sites.
It is a world class facility that will serve us well, not only for Cheal, but
for other fields and discoveries in the area that we are starting to focus on
and mature. Our planning for definitive testing on the Kapuni formation K3E
sandstones drilled in the Cardiff 2A well continue, using technologies and
expertise from similar reservoirs internationally. We hope to be in a
position to re-enter the well in the third quarter, 2007."
