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 centres 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.
Web site: http://www.austral-pacific.com
Email: ir@austral-pacific.com
Phone: Rick Webber, CEO +64 (4) 495 0880
None of the Exchanges upon which Austral Pacific's securities trade have approved or disapproved the contents hereof. This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable legislation. Other than statements of historical fact, all statements in this release addressing future production, reserve potential, exploration and development activities and other contingencies are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements, due to factors such as market prices, exploration and development successes, continued availability of capital and financing, and general economic, market, political or business conditions. See our public filings at http://www.sedar.com and http://www.sec.gov/edgar/searchedgar/webusers.htm for further information.
