WELLINGTON, New Zealand, May 3 /PRNewswire-FirstCall/ -- Austral Pacific
Energy Ltd. (TSXV and NZSX: APX; OTC Bulletin Board: APXYF).
Austral Pacific Energy Ltd advises that the Cheal-A3X well was at a depth
along hole of 1820m (5,900 ft) at 0600 NZST, 3rd May.
The well has intersected the Mt Messenger sandstones which are the deeper
exploration target of the well.
Oil and gas shows have been encountered in sandstones below 1750m
(5,700 ft).
These compare favorably with those originally observed, (but never
flow-tested), in the Cheal-1 well which is approximately 500m to the south.
The significance of these shows cannot be assessed until electric logs are
run in the well, after it reaches its target depth at 1900m (6,200 feet) along
hole. It is expected that this depth will be reached in the next 24 hours.
Any decision as to whether or not to case Cheal-A3X and flow-test these
sandstones or the previously reported Cheal Sands encountered higher in the
well, will await completion of the electric logging program and the analysis
of that information.
CONTACT: Investor Relations: tel: 1 800 3043631 (USA/Canada)
+644 476 2529 (New Zealand)
Web site: http://www.austral-pacific.com
Email: ir@austral-pacific.com
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release that address
future production, reserve potential or exploration drilling, are
forward-looking statements. Investors are cautioned that any such statements
are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward-looking
statements.
SOURCE Austral Pacific Energy Ltd.
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Related links:
http://www.austral-pacific.com
CONTACT:
investors, USA/Canada, 800-304-3631, or in
New Zealand, +644-476-2529 or ir@austral-pacific.com, for Austral
Pacific Energy Ltd.
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