Cheal Oil Field Development - PMP 38156, New Zealand

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

Adeona Pharmaceuticals Common Stock (AMEX:AEN)
Historical Stock Chart

From Jul 2019 to Jul 2024

Click Here for more Adeona Pharmaceuticals Common Stock Charts.

WELLINGTON, New Zealand, Nov. 29 /PRNewswire-FirstCall/ -- Austral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; AMEX: AEN) Austral Pacific Energy Ltd. announced today that the Cheal B3 well reached a total depth of 1,927 metres (6,322 feet) on 27 November. The target Mt Messenger sands were intersected over a gross interval from 1,726 metres (5,663 feet) to 1,772 metres (5,814 feet). Wireline logs indicate a net pay of 10 metres (33 feet) and that these sands are oil bearing. Sands from the secondary target Urenui Formation were intersected over a gross interval from 1,365 metres (4,478 feet) to 1,396 metres (4,580 feet). Wireline logs indicate a net pay of 8 metres (26 feet) and that these sands are also oil bearing. The Cheal B3 well is the third of four wells to be drilled back to back from the Cheal B site as part of the Cheal Oil Field development. Austral Pacific Energy Ltd. holds a 36.5 percent interest in the field (rising to 69.5 percent following the completion of the acquisition of Arrowhead Energy Limited) and is the operator. TAG Oil holds the remaining 30.5% interest in the permit. Commenting on the announcement Chief Executive Officer Rick Webber said, "This is another very encouraging result for the Cheal Joint Venture. Continued success with drilling from the Cheal B site increases our confidence in the resource potential of the northern extension of the Cheal Oil Field." Following the running of production casing in the Cheal B3 well, Ensign Energy Services' Rig 19 will be skidded to an adjacent, pre-installed conductor for the immediate drilling of the Cheal B4 well. In other news Mr. Webber reported that construction of the processing facilities at the Cheal A site is making good progress. "The site foundations are now largely complete and installation of the oil storage tanks is underway," said Mr Webber. "Fabrication of the separator vessels is well advanced at a Lower Hutt engineering firm." Web site: http://www.austral-pacific.com/ Email: Contact: Rick Webber, CEO, +64 (4) 495-0888 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., +64-4-495-0888, or Web site: http://www.austral-pacific.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

AEN Adeona Pharmaceuticals Common Stock