Austral Pacific Reports Taranaki Dry Hole

Austral Pacific Energy Ltd. said that the exploration well Ratanui-1 reached a total depth of 2120 meters (6955 feet) on Tuesday of this week. Wireline logging of the well was completed the following day.

The target Mt Messenger and Upper Moki Formation sands were intersected over several intervals in the well. However, wireline log interpretation and associated seismic mapping do not indicate economic hydrocarbons. As a result, Ratanui-1 will be plugged and abandoned.

The remaining potential in the permit centers around the deeper Kapuni Group and in particular on the mapped Waitoriki deep gas prospect.

Austral Pacific Energy Ltd. holds a 55% interest in PEP 38741; TAG Oil holds the remaining 45% interest in the permit.