Austral Pacific to Acquire New Zealand Minnow

Austral Pacific Energy has signed a heads of agreement to acquire all the shares of Arrowhead Energy Limited, a small, privately held, New Zealand oil and gas exploration and production company, for net NZ$17 million (US$11.0 million).

Arrowhead's principal assets include a 33% interest in the Cheal oil field (PMP 38156), a 33% interest in the surrounding exploration permit (PEP 38738-01) and a 25% interest in the Kahili mining permit (PMP 38153).

The agreement is subject to financing arrangements, due diligence and a definitive agreement.

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