Austral Pacific Updates Operations & Corporate Matters

Share Name	Share Symbol	Market	Type
Adeona Pharmaceuticals Common Stock	AMEX:AEN	AMEX	Ordinary Share

Adeona Pharmaceuticals Common Stock (AMEX:AEN)
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WELLINGTON, New Zealand, May 9 /PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (TSX-V and NZSX: APX; Amex: AEN) today provided updates on a number of operational and corporate matters: Douglas-1 Exploration Well, PPL 235, Papua New Guinea As at 07:00 hrs on Wednesday 10th May, 2006 (local time), the Douglas-1 exploration well was at a depth of 1,280m. The drilling crew successfully sidetracked the well in 12 1/4" hole to a depth of 486m at which point 9 5/8" casing was run and cemented in place. The well has been deepened in 8 1/2" hole to its current depth of 1,280m. Wireline logging over the well's open hole section has been completed. One of the well's secondary targets, a sand equivalent to the Stanley sandstone encountered in the Stanley-1 well, has been interpreted as being water saturated. The current operation is running 7" casing. The well is on course to reach its target depth in the next ten days or so. Participants in PPL 235 are: Trans Orient Petroleum (PNG) Ltd (a wholly-owned subsidiary of Austral Pacific Energy Ltd.) 35% and operator; and Rift Oil PLC 65% Cheal Field Development, PEP 38738-01, Onshore Taranaki, New Zealand The Cheal Field Development Plan has been issued this week to joint venture participants for their approval. It is expected that project construction activities will commence immediately upon receipt of the requisite approvals. The Plan contemplates capital expenditure of $NZ33 million (Austral Pacific share 36.5%) over a six month period to exploit the field through up to 8 wells. Cardiff Testing, PEP 38738-02, Onshore Taranaki, New Zealand A plug has been successfully installed between the upper McKee sand and the middle K1A sand. Cement has been placed on top of the plug to ensure a proper seal. Installation of the plug will now enable the upper McKee sand to be tested in isolation. Testing, which is expected to occur in the next week or so, will commence as soon as operations associated with the Brecon 3D seismic survey have been completed in the vicinity of the Cardiff 2A well bore. Undertaking a definitive test on the McKee sand is a key step toward securing Cardiff's commercial viability. Brecon 3D Seismic Survey, PEP 38738-01/02, Onshore Taranaki, New Zealand The Brecon 3D seismic survey is being conducted over the area containing the Cheal and Cardiff discoveries. Acquisition of seismic data has commenced and is anticipated to take about 5 weeks. Following processing of the field data, results from the survey will be available in late July. The interpreted results of the survey will be used to optimize bottom hole locations for the Cheal development wells, and to further define and delineate drilling targets in the permit areas at both the Mt. Messenger (Cheal) and Kapuni (Cardiff) levels. Whaler 2D Seismic Survey, PEP 38258, Offshore Canterbury, New Zealand The 481km Whaler Marine 2D Seismic Survey finished on April 21, 2006. This seismic survey is designed to infill the existing seismic coverage over the Whaler, Caravel and Coracle Prospects. The data has been sent to a seismic data processing centre for processing. Corporate Matters At the May 2, 2006 annual shareholders meeting the shareholders elected Messrs David Newman, Ronald Bertuzzi, Peter Hill, Douglas Ellenor and Rick Webber to the Board of the company. The shareholders also approved the migration of the corporation from Yukon to British Columbia, the creation of a class of preferred shares necessitating new corporate articles and they also approved a 10% rolling stock option plan. Web site: http://www.austral-pacific.com/ Email: 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. DATASOURCE: Austral Pacific Energy Ltd. CONTACT: Rick Webber, CEO of Austral Pacific Energy Ltd., +64 (4) 495 0880, or Web site: http://www.austral-pacific.com/

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