Austral Pacific Energy, Ltd. primarily engages in the acquisition, exploration, and development of oil and gas properties in New Zealand, Papua New Guinea, and Australia. The company also involves in the exploration for commercial quantities of hydrocarbons and also the development and production of hydrocarbons. As of December 31, 2003, it held varying net interests equivalent to approximately 2.6 million acres of exploration permits in New Zealand (gross 4.2m), 0.44 million acres of exploration permits in Australia (gross 0.5m), and 0.8 million acres of exploration interests in Papua New Guinea (gross 1.8m). As of the same date, Austral’s reserves totaled 22.9 thousand barrels of oil and liquids and 1,109 million cubic feet of natural gas. The company was incorporated in 1979 under the name Pryme Energy Resources, Ltd. and changed its name to Indo-Pacific Energy, Ltd. The name was further changed to Austral Pacific Energy, Ltd. in 2003. Austral is based in Wellington, New Zealand.