Austral Pacific Increases Cardiff Stake

Austral Pacific has completed the purchase of all the shares of International Resource Management Corporation Limited. This strategic acquisition increases Austral Pacific's interest in the Cardiff gas condensate field (PMP 38156) to 44.9%.

The transaction closed by the issuance of 1,851,855 shares of Austral-Pacific stock at a deemed price of US $1.21 on November 12, 2007. An additional cash component is due for payment by January 25, 2008.

A workover rig is currently being mobilized to the Cardiff wellsite and is scheduled to begin workover operations in the week beginning November 19. The workover of the Cardiff-2A well is designed to isolate the McKee and K1A sandstone intervals in preparation for production testing of the K3E zone. On completion of the workover, the rig will be released and the site prepared for the testing program. Testing of the K3E interval is expected to commence in January.

Updating the Company's release of November 2, 2007, the Cheal A3X well is back in production as scheduled, following a successful interim fix of the pressure issues previously encountered.

The Company has filed its interim unaudited quarterly financial statements and accompanying Management Discussion & Analysis for the nine months ended September 30, 2007.

Company: Austral Pacific Energy Ltd. more info
 - Austral Pacific Files 2008 Annual Results (Mar 26)
 - Austral Pacific Revises NZ Reserves Estimates (Feb 16)
 - Malvern, Onaero 2D Seismic Surveys Completed (Dec 01)
Company: International Resource Management Corp. more info
 - Austral Pacific Increases Cardiff Stake (Nov 15)
 - Cheal Oil Field Development Gets Green Light (Jul 27)