New Zealand’s AustralPacific Energy Ltd. confirms that it has received the final tranche of $3.9 million and completed its $15 million placement.

The financing involves the sale of 12,500,000 common (ordinary) shares with attached warrants, sold as units at $1.20 per unit. Each unit consists of one common share and one share purchase warrant.

The majority of the proceeds from the private placement are being used to accelerate the Cheal field development with a goal of increasing the field reserve base and increasing production through the newly commissioned Cheal Production Station. The money will also fund other appraisal and development projects in Taranaki, New Zealand, and will be used to progress the Cardiff field appraisal.

The Company used part of the proceeds to pay the additional cash component of the previously announced purchase of a further interest in its Cardiff permit, by the purchase of all the shares of International Resource Management Corporation Limited, whose principal asset is a 19.8 percent interest in the Cardiff gas project.

Commencement of testing operations on the Cardiff 2A ST-1 well was slightly delayed, but all equipment has now been mobilized to site and flow testing of the prospective K3E formation commenced on February 25.