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Austral Pacific Spuds Douglas-1

Posted: 05 April 2006

Austral Pacific Energy Ltd reported that the Douglas-1 exploration well commenced drilling at 5pm (local time) on 4th April 2006. Douglas-1 is located in PPL 235 (Austral 35%, operator) in the onshore Papuan Foreland Basin, Papua New Guinea.

Douglas-1 will test the seismically defined Douglas structure and will take approximately three weeks to drill to a depth of 2000m (6,500 feet).

Primary reservoir targets for the well are the Jurassic aged Alene, Toro and intra Imburu sandstones.

In offset locations within the Papuan Fold belt and Foreland Basin, these sandstones provide the reservoir for in excess of 500 million barrels of oil and 10 TCF of gas.

Sandstones developed within the Oligocene aged Sirga Formation are also mapped within closure and constitute a secondary target for the well.

In making the announcement, Chief Executive Officer Rick Webber said “The well is located on a well defined structure that in the oil case could hold 150 million barrels of reserves. All the indicators are positive and I am very optimistic.”



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