Austral Amends Loan Facility

    WELLINGTON, New Zealand, Feb. 1 /CNW/ -- Austral Pacific Energy Ltd.

    Austral Pacific Energy Ltd. announces that it has agreed with its loan
facility provider, Investec Bank (Australia) Ltd, to further restructure the

    Under the agreement with Investec, the maturity date for the current
facility has now been extended to the 28th of February. The Bank and Austral
will use this period to work toward a fundamental restructure of the company
and further restructuring of the loan facility.

    Web site:
    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  and for further information.


For further information:

For further information: Thom Jewell, CEO of Austral Pacific Energy
Ltd., +64 (4) 495 0880, Web Site:

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