constabulary nri

8 million
revenue at an average sale price of $56. "We have two objectives for 2006 at the top of our
list: the development of the Cheal oil field and a declaration of
commerciality over the Cardiff gas discovery," said Webber ."
"Our next exploration well, Douglas-1, will spud in the next day or so.htm for further information . However, Austral has decided not to participate in the flow testing of
this sandstone as it perceives it has limited reserve potential. Other than statements of historical fact,
all statements in this release addressing future production, reserve
potential, exploration and development activities and other contingencies are
forward-looking statements.
See our public filings at http://www.htm for further information.

nri papua

austral-pacific.com/

Email: ir@austral-pacific.sedar.

nri alienated

gov/edgar/searchedgar/webusers.com

None of the Exchanges upon which Austral Pacific's securities trade have
approved or disapproved the contents hereof.

discretion indirect

com
and http://www.
The loss for the year was $2.

Austral Updates Flow-Testing and Drilling Operations

(TSXV and NZSX: APX; AMEX: AEN) -- Flow-testing of the 5m thick
N-0 sand in Supplejack South-1A (Austral 36.

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"I believe there is
a significant prize to be won here and getting a definitive test result and a
declaration of commerciality over the discovery are key steps along the way.
It's an exciting prospect situated in the foreland basin of Papua New Guinea.

commision customary

Other than statements of historical fact,
all statements in this release addressing future production, reserve
potential, exploration and development activities and other contingencies are
forward-looking statements.

successes landowners

Stockholders equity at December 2005 was $24.
In announcing the results, Chief Executive Officer Rick Webber said the
company was in a sound financial position and was well placed to pursue its
2006 business objectives.

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All the indicators are positive and I'm very optimistic,"
said Webber.

administers nri

Austral Announces Year End Results

gov/edgar/searchedgar/webusers. "I'm very optimistic about Cardiff," said Webber.austral-pacific . WELLINGTON, New Zealand, Austral Pacific
Energy Ltd. The planned flow-test program is scheduled to continue for 30
days.

commision indirect

nefco indirect

htm respectively.3 million held at December 2005 ensure
that the Company is in a strong position to progress its 2006 plans
aggressively.98 per barrel. The project has a six month lead time, meaning
the field would be on-stream in the fourth quarter of 2006 given an immediate
start to development activities.
The well is located on a well-defined structure that could hold 150 million
barrels of reserves.

Web site: http://www.1%) is scheduled to commence on
January 16.

ipa equitable

Cash and cash equivalents of $15.4 million compared with $5. "In parallel with these activities we continue the process of
reviewing and high grading the prospects and leads in our prospect inventory
with the aim of identifying high impact, drillable prospects .com
Phone: Rick Webber, CEO +64 (4) 476 2717

None of the Exchanges upon which Austral Pacific's securities trade have
approved or disapproved the contents hereof.
Heaphy-1 well (Austral 66.67%) is scheduled to commence in early February.

guinea successes

7 million in 2004.
Webber said plans for the development of the Cheal oil field are well
advanced and work will commence as soon as the approval of the joint venture
participants has been secured. This rig is scheduled to
commence drilling the Douglas-1 well (Austral 35%, operator) in late
February/early March

CONTACT: Investor Relations: tel: +1 561 837 8057 ext 2

Web site: http://www.

Includes regional and local government, law and military sites located in Papua New Guinea.

administers regulator

sedar. The
shallower 1.gov/edgar/searchedgar/webusers.

png moresby

The Company has also filed its Annual Report and Information Circular for
the forthcoming Annual General Meeting, which have been mailed to
shareholders.
See our public filings at http://www.

nefco failures

Production of 31,000 barrels of oil from the Cheal field provided $1."
"From a strategic point of view, Cheal and Cardiff are fundamental to our
goal of establishing and building a sustainable production profile," said
Webber. This release includes certain
statements that may be deemed to be "forward-looking statements" within the
meaning of applicable legislation.com and
http://www.sec.67%) has produced only formation
water and drill mud; and testing of that zone has now been terminated.

equitable nri

The arrival this week from the United States of additional equipment will
allow the company to complete the final stage of production testing at
Cardiff.com
Email: ir@austral-pacific. Testing of
this zone will now be conducted to the 100% cost of joint venture party TAG
Oil. Flow-testing
of the McKee Sands in Cardiff-2A (Austral 25.com and
http://www.

nri customary

7 million.5m sandstone is better quality and is expected to flow gas on
test.sec.

equitable constabulary

sec.
Test equipment is now being mobilized to the Cardiff-2 site.

failures regulator

Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in the
forward-looking statements, due to factors such as market prices, exploration
and development successes, continued availability of capital and financing,
and general economic, market or business conditions.

numismatics successes

Based on an independent
evaluator 's report, the Company recognised approximately 539,000 barrels of
proved reserves in respect to the Cheal field.7 million -- an increase from
2004 of $8. Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in the
forward-looking statements, due to factors such as market prices, exploration
and development successes, continued availability of capital and financing,
and general economic, market or business conditions.
The Coral Sea drill rig is presently in transit to Papua New Guinea, and
scheduled to arrive in Port Moresby in mid January.

numismatics ombudsman

The increase was primarily as a result of the successful
$10 million private placement of shares in October, 2005. These documents can be downloaded from the Company, SEDAR or
EDGAR website.sedar.

customary equitable

(TSX-V and NZSX: APX; AMEX: AEN) --
The Company has now filed its annual report for the fiscal year ended
December 31, 2005. The report and accompanying management's discussion and
analysis, reserves report and independent report on reserves are available for
review on the Company's website and via the SEDAR (Canada) and EDGAR (US)
sites, which can be accessed through http://www.

nefco undp

WELLINGTON, New Zealand, Austral
Pacific Energy Ltd. This release includes certain
statements that may be deemed to be "forward-looking statements" within the
meaning of applicable legislation.