Sharechat Logo

Austral Pacific starts output at Cheal A7 Well

Tuesday 2nd September 2008

Text too small?
Austral Pacific Energy Ltd., which owns 69.5% of the Cheal oil field onshore in the Taranaki region, said it began production from its Cheal A7 well.

Initial testing shows the well is capable of a maximum flow rate in the range of 250 to 280 barrels of oil a day, Austral said in a statement. The well showed no water during the testing phase.

Meantime, the company said it is reviewing options for fixing a casing leak at its Cheal A3X well to return it to its flow rate of 90 bopd.

Austral has an interest in eight exploration and production permits totaling over 2.6 million acres in New Zealand, according to its website. Its assets include the Cheal Field, Kahili Field and Cardiff Field in the Taranaki Basin.

Austral's shares fell 9.1% to 40 cents. The stock has declined about 70% this year, a period when it raised funds selling new shares to finance well developments.

By Jonathan Underhill



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

AGL - Accordant Group FY25 Annual Report
Chorus submits 2024 fibre regulatory report
May 30th Morning Report
May 29th Morning Report
RAK - Rakon FY2025 Financial Results
WHS - The Warehouse Group appoints Group Chief Executive Officer
General Capital Dividend Reinvestment Plan
FPH - Record full-year revenue result for FPH
Infratil Full Year Results for the year ended 31 March 2025
APL - Annual financial results