Austral Pacific, AWE Team Up on PEP 38524, Offshore Tasman Bay

Austral Pacific Energy Ltd. has farmed down an 80 percent interest in PEP 38524, offshore Tasman Bay, to Australian Worldwide Exploration Limited. In return AWE has undertaken to fully fund acquisition of some 350km of 2D seismic within the permit. The farmout is subject to approval of a revised work program by the Ministry of Economic Development.

"Austral Pacific is very pleased to have such an experienced explorer and developer of oil and gas resources enter into and contribute to the ongoing exploration of the permit," said Chief Executive Thom Jewell.

"AWE has taken on operatorship of the permit and will conduct seismic acquisition as well as any drilling that may be undertaken on behalf of the joint venture."

PEP 38524 covers some 2,187 sq km and is situated west of D'Urville Island. The area is interpreted to form an extension of the South Taranaki Basin, which includes the Kupe South and Maari oil and gas fields.

Jewell noted that Austral Pacific is still very much at the exploration phase with the permit and that developing the D'Urville permit is in keeping with its strategic plan of having a diverse portfolio of producing assets and material exploration plays.