WELLINGTON, New Zealand, July 11 /CNW/ -- Austral Pacific Energy Ltd.
(TSX-V: APX; NZSX: APX)
Austral announces the results of its Cheal-A7 well which reached a total
depth of 1848m on July 10th, 2008. The well intercepted 7 meters of
oil-bearing sands in the MM3 Formation as prognosed at approximately 1695m MD
and the MM2 sand at 1730m.
The current Cheal wells program was designed to test the reserve
potential in the Cheal field area. The locations were chosen, based on the
regional 3D seismic data set, to have potential to add both reserves and
increased production from sands lying above the regional oil water contact.
Cheal A7 has been drilled and logged and encountered both of the
anticipated oil saturated Mt Messenger sandstone reservoirs at the expected
depth and slightly thicker than prognosed from the 3d seismic survey.
Austral as operator for the Joint Venture (Austral Pacific Energy Ltd
69.5% and TAG Oil 30.5%) is in the process of completing both zones and
preparing a temporary tie back into the Cheal facility to production test the
Commenting upon the result, Mr Jewell Austral CEO said "We were pleased
with the results of the A7 well both for its ability to significantly increase
the field production rates in the immediate term and, as importantly, for its
confirmation of the seismic model that we use to improve the probability of
drilling successful wells and expanding this play trend."
The Cheal field is currently producing approximately 420 barrels of oil
per day and this well has the potential to increase that production to
approximately 650 bopd. There is a ready market for this oil at world oil
Web site: http://www.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, email@example.com Web Site: