What started as a small Vancouver incorporated minerals company in 1980, then became a new-look oil explorer during the mid-1990s, has now become one of New Zealand’s most active second-tier explorers.
Austral fills a different niche than the majors or super-majors, targeting mostly lower cost wells, usually onshore or near-shore, and usually shallow plays. It has also strategically positioned itself with a portfolio of deep gas targets.
This portfolio is intended to replace and grow reserves of hydrocarbons, while the company remains focused in the Pacific Rim countries of New Zealand, Australia and Papua New Guinea. In New Zealand its prime focus remains the Taranaki Basin, particularly onshore Taranaki _ this country’s only commercial and semi-mature hydrocarbon region.
The company's main objective is to become the most successful oil and gas exploration and production company in New Zealand, with internally generated revenue from sales, sufficient to maintain an excellent exploration program.
As available cash flow permits, the company intends expanding aggressively, but still in a credible and considered manner.
The long term goal is maximum appreciation of the company's securities so that they reflect the true value of both reserves and potential resources which remain to be discovered.
At a special shareholders’ meeting held in Vancouver last December 31, Indo-Pacific changed its name - to eliminate any confusion with a similarly named Canadian company - to Austral Pacific Energy, reflecting the company’s primary Australia-New Zealand area of operations, as well as updating its corporate bylaws.
Austral Pacific is now listed on the OTC BB (OTCBB:APXYF), Toronto Stock Exchange Venture Exchange (TSXV:APX) and New Zealand Stock Market (NZSX:APX).
Last December the company raised a total of NZ$8 million after offering 4 million shares at the issue price of NZ$2.00 per share. In addition, for every two shares offered, investors received one tradeable warrant, exercisable at a price of NZ $2.10 at any time up to a year after issue.
The IPO subsequently closed fully subscribed, with about 500 New Zealand private investors and three financial institutions participating in the capital raising, and joining the company’s existing shareholders, about 7000 mainly North Americans.
“We were very pleased with the IPO and now we are very pleased with the volumes of shares being traded and with the strengthening of the share price,” says Bennett.
Though not large volumes, up to 60,000 shares a day were being traded on the NZSX in late March, at prices of around NZ$2.60 in New Zealand and higher in North America.
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