Cardiff Well Testing ? Operations Update
Cardiff Well Testing ? Operations Update
Wellington, New Zealand - March 11, 2008 - Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; AMEX: AEN)
Following on from the
successful rig workover to isolate the K3E formation, testing operations
commenced on Cardiff 2A ST-1 two weeks ago. Well testing operations comprises
an initial flow period allowing the well to clean up, followed by an extended
shut-in period for a pressure build up to assess the current reservoir
conditions. The initial clean up phase has been completed and Austral has now shut-in
the well. The shut-in period is expected to be 3-4 weeks, after which further
testing operations will resume.
The initial flow period
recovered workover and completion fluids, and some formation fluid, with small
amounts of gas from the reservoir. The reservoir pressure during the test
appears to be below expectations, based on the offset Cardiff 1 well data. This
could be an indication of reservoir damage during the long dormant period
between the initial drilling and this testing program. The remainder of the
test program on the K3E reservoir, including re-perforating the reservoir
sequence and flow testing, will be reviewed, once the results of the current
shut-in period are assessed.
The information gained
from this test is an important component of the ongoing Cardiff field appraisal
and development activities.
Austral Pacific's CEO,
Thom Jewell, said "Expectations were not high of flowing sustainable
gas/condensates from this part of the test program. The perforated interval is
assumed to have been badly damaged during the original testing and the well has
been left shut-in for the last 18 months, exacerbating the damage and making
contact with the reservoir unlikely. However, samples and the pressure data are
vital for us to fully assess the potential of this resource that lies in 4
distinct fault compartments and may total between 200-500 bcf. The shut-in
period will provide further pressure data and the follow-up operations will
depend on the interpretation of this and all available information."
Web site:
www.austral-pacific.com
Email: ir@austral-pacific.com
Phone: Thom Jewell, CEO +64 (4) 495 0880 or Brad Holmes: +1 (713) 304 6962
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.
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