Austral Pacific Announces Farmout of PEP 38524



    WELLINGTON, New Zealand, June 3 /CNW/ -- Austral Pacific Energy Ltd.
(TSX-V: APX; NZSX: APX; Amex:   AEN) -- Austral Pacific Energy Ltd. announces
that it has farmed down an 80 percent interest in PEP 38524, offshore Tasman
Bay, to Australian Worldwide Exploration Limited (ASX: AWE). In return AWE has
undertaken to fully fund acquisition of some 350km of 2D seismic within the
permit.  The farmout is subject to approval of a revised work programme by the
Ministry of Economic Development.
    On commenting on the farmout, Chief Executive Thom Jewell said "Austral
Pacific is very pleased to have such an experienced explorer and developer of
oil and gas resources enter into and contribute to the ongoing exploration of
the permit."
    "AWE has taken on operatorship of the permit and will conduct seismic
acquisition as well as any drilling that may be undertaken on behalf of the
joint venture," said Mr Jewell.
    PEP 38524 covers some 2,187 sq km and is situated west of D'Urville
Island.  The area is interpreted to form an extension of the South Taranaki
Basin, which includes the Kupe South and Maari oil and gas fields.
    Mr Jewell noted that Austral Pacific is still very much at the
exploration phase with the permit and that developing the D'Urville permit is
in keeping with its strategic plan of having a diverse portfolio of producing
assets and material exploration plays.

    
     Web site:   http://www.austral-pacific.com
     Email:      ir@austral-pacific.com
     Phone:      Thom Jewell, CEO +64 (4) 495 0880
    
    None of the Exchanges upon which Austral Pacific's securities trade have
approved or disapproved the contents hereof. This release includes certain
statements that may be deemed to be "forward-looking statements" within the
meaning of applicable legislation. Other than statements of historical fact,
all statements in this release addressing future production, reserve
potential, exploration and development activities and other contingencies are
forward-looking statements. Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in the
forward-looking statements, due to factors such as market prices, exploration
and development successes, continued availability of capital and financing,
and general economic, market, political or business conditions. See our public
filings at http://www.sedar.com and
http://www.sec.gov/edgar/searchedgar/webusers.htm for further information.




For further information:

For further information: Thom Jewell, CEO of Austral Pacific Energy
Ltd.,  +64 (4) 495 0880 Web Site: http://www.austral-pacific.com

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AUSTRAL PACIFIC ENERGY LTD.

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