Austral Pacific Energy Ltd. Lawsuit

$1.6 million settlement reached in drilling costs dispute.

Austral Pacific Energy Ltd. reaches $1.6 million settlement.

Wellington, New Zealand: (May-27-08) Austral Pacific Energy Ltd. recently announced that it has reached a settlement agreement related to the drilling of the A6 and A7 wells in the onshore Taranaki Cheal Oil Field in Stratford, New Zealand. The deal, entered into by Austral and the Cheal Joint Venture, resulted in the completion and tie-in in time to deliver increased oil production prior to year-end 2008. The Joint Venture has also reached agreement to undertake a comprehensive program of technical studies to support the drilling of the Greater Cheal Trend. The agreement resolves disputes pertaining to costs associated with the construction of the Cheal Production Station.

Under the terms of the settlement, Cheal Petroleum Limited, a subsidiary of TAG Oil Limited, will receive a net payment of US$1.6 Million in a combination of cash, Austral stock and expected forward production from the A7 well. In addition Austral has agreed to pay TAG NZ$300,000 and TAG has agreed to pay its NZ$600,000 share of the remaining Cheal facilities costs that were being withheld pending a resolution to the dispute. In the event Cheal A7 is successfully completed for production, TAG will receive an additional US$250,000 payable in equal installments over twelve months.

Austral Pacific Energy Ltd. in the News

[FOX BUSINESS: Austral Pacific Energy Ltd.]
Search for: Austral Pacific to Drill Two Wells in Cheal Oil Field

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