Austral Pacific lists tomorrow

Monday 5th January 2004

Austral Pacific Energy Ltd, formerly Indo-Pacific Energy Ltd, has begun trading on the New Zealand sharemarket, under the symbol APX.

In December last year, the company raised a total of $8 million after offering 4 million shares at $2 each. In addition, for every two shares offered, investors received one tradeable warrant, exercisable at a price of $2.10 at any time up to one year after issue.

Austral Pacific also announced the results of its special meeting in Vancouver, Canada December 31.

Shareholders formally adopted the new name and trading symbol (APX) on the TSX Venture Exchange (TSXV - part of the Toronto based TSX Group) and the New Zealand Stock Market (NZSX). Shareholders ratified updated corporate by-laws for the company to enable electronic voting of proxies, use of electronic or paperless shares, removal of chairman's casting vote and removal of the obligation of the chief executive to also be a director.

The company's shares will began trading on the TSX Venture Exchange on January 2. The shares can also continue to be traded on the United States based OTCBB exchange.

Chairman David Newman said the company will have better liquidity now it has completed its capital raising and can be traded on three exchanges.

"We expect an eventful year with an active drilling programme," he says.

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