WELLINGTON, New Zealand, Aug. 6 /PRNewswire-FirstCall/ -- Austral Pacific
Energy Ltd. (TSXV and NZSX: APX; OTC Bulletin Board: APXYF) announced today
that during the last two weeks, shareholders of the Company have exercised
1,250,000 previously issued share purchase warrants amounting to US$1,437,500,
exercisable at US$1.15 per share for an aggregate issuance of 1,250,000 common
shares, resulting in total issued and outstanding share capital upon
completion of 14,115,947.
As a consequence of the exercise of certain of these warrants, two
shareholders are required under securities legislation to disclose their
acquisitions under the current reporting thresholds. Mr. Alex Guidi of
Vancouver, B.C. acquired 512,000 shares of the Company, which with his
existing shareholdings brings his total shareholdings of the Company to
1,735,315 shares (12.29%). Mr. Peter Loretto of Richmond, B.C. acquired
336,000 shares of the Company and Trans-Orient Petroleum Ltd., a company whose
principal shareholder is Mr. Loretto, acquired 175,000 shares of the Company
for a total combined share position of 1,900,395 (13.46%). Mr. Guidi and Mr.
Loretto have advised the Company that the shares have been acquired for
investment purposes.
Testing operations have now been curtailed at Cheal-A3X; and the well is
to be reconfigured for long term production. A new wellhead will be installed,
and the production tubing is to be fitted out for gas lift and jet pump
production options, in order to optimize flow of the waxy Cheal crude oil. A
rig will be mobilized onto the site to complete this work in a few weeks time,
and will likely also drill a Cheal-4 well from the same site at that time.
Sufficient 4 1/2" pipeline to link Cheal to gas processing infrastructure will
be shipped to New Zealand in the coming weeks.
Following approval by the permit participants at a meeting earlier this
week, Cardiff-2 site excavation and preparation is to commence next week.
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.
 back to top
Related links:
http://www.austral-pacific.com
CONTACT:
investors, 1-800-304-3631, USA/Canada, or
+644 476 2529, New Zealand, or ir@austral-pacific.com
|
