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Austral Paciifc Cheal Oil Field Development - PMP 38156 New Zealand

25 Oct 2006

Austral Pacific Energy Ltd. announced today that the Cheal B1 well reached a total depth of 1863 metres (6112 feet) on 21 October.

The target Mt Messenger sands were intersected over a gross interval from 1700 metres (5577 feet) to 1727 metres (5666 feet) with wireline logs indicating that these sands are oil bearing.

The Cheal B1 well is the first of up to four new development 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% interest in the field (rising to 69.5% following the completion of the acquisition of Arrowhead Energy Limited) and is the operator.

Commenting on the announcement Chief Executive Officer Rick Webber said, "We are very encouraged by the results of this first well to be drilled from the Cheal B site. Success at Cheal B1 goes a long way towards confirming our geological model for the northern extension of the Cheal Oil Field."

Following the running of production casing in the Cheal B1 well, Ensign Energy Services' Rig 19 will be skidded to an adjacent pre-installed conductor for the immediate drilling of the Cheal B2 well.
Web site: www.austral-pacific.com

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