Austral Pacific Increases Interest in Cardiff Gas Field
In keeping with its strategies for growth, Austral Pacific Energy has signed an agreement to acquire all the shares of International Resource Management Corporation Limited ("IRM") (subject to financing arrangements and finalization of due diligence). IRM is a small, privately held, New Zealand oil and gas exploration and production company whose principal asset is a 19.8% interest in the Cardiff gas field (PMP 38156).
Commenting on this strategic acquisition President and CEO Thom Jewell said, "This transaction will effectively increase the Austral Pacific interest in the Cardiff asset to 44.9%. The Cardiff testing is proceeding and we expect to be in position to make a more detailed announcement regarding progress within the week."
The consideration for IRM's interest will be paid partly in cash, and partly by the issue of shares in the Company, subject to regulatory approvals. The shares are to be issued at a price based on average market price as at the date the agreement becomes unconditional.
Interim Financials Filed
Austral Pacific Energy Ltd. has filed its interim unaudited quarterly financial statements and accompanying Management Discussion & Analysis for the three months ended 30 June 2007.