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Chairman's report

Company	Code	Released	Type	Headline
Austral Pacific Energy Ltd	APX	9 Aug, 2007, 15:48	HALFYR	Management Discussion of the results released on 08/08/07

Full Text of Announcement

AUSTRAL PACIFIC ENERGY LTD.
BC FORM 51-102F1
(Expressed in United States Dollars)
(Unaudited - Prepared by Management)
For the Period Ended June 30, 2007

Overview
The Company is engaged in oil and gas exploration and production in New Zealand and Papua New Guinea. This activity comprises:
- geological and geophysical studies to define targets for drilling
- drilling and evaluation of exploration wells
- development and production of commercially viable discoveries
- use of infrastructure for own and third parties transport and storage of hydrocarbons.

It is in the normal nature of the business that a portfolio of projects is pursued at any time, and that individual projects may never justify drilling. It is also the nature of the business that a proportion of exploration wells that are drilled will be unsuccessful. The Company typically acts as a member of a joint venture group working through a phased work program agreement, entered into with the appropriate regulatory body. In each of New Zealand and Papua New Guinea, the regulatory body is a state agency charged with administering the exploration for hydrocarbons within its jurisdiction on behalf of the state. The phased work program consists of a series of work steps, typically on an annual interval, in which the subsequent step is often contingent on the outcomes of the previous step. For example, the commitment to drill a well in the up-coming permit year may be contingent on the success in defining a drilling target by seismic exploration in the previous year. The permit holders will generally have the right at the end of a permit year to commit to the next year's work program or relinquish their permit rights.

Currency
Unless otherwise noted, dollar amounts refer to US dollars throughout this filing
BOE Cautionary Statement
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Date
The date of this filing is August 3, 2007, for the period ended June 30, 2007.
Please refer to the Company's annual Management Discussion & Analysis, filed on March 30, 2007, for further information, which is updated below.

Overall Performance
The Company had a loss for the three months ended June 30, 2007 of $3.2 million.
The Company held cash and short-term deposits amounting to $3.9 million (this balance includes $3 million of cash that is held in a restricted account required under the loan facility) as at June 30, 2007. Cash held by the Company decreased in the quarter by $2.2 million. This was a consequence of meeting operational and overhead commitments.

Cheal Field
Petroleum Mining Permit (PMP) 38156 covering the Cheal Oil Field was granted on July 26, 2006 for an initial term of 10 years. There is a right to extend the term of the mining permit
following delineation of further reserves.

Extended production testing of the Cheal wells using temporary test production facilities re-commenced on July 25, 2006. From July 25, 2006 to June 30, 2007 a total of 80,390 barrels of oil (100%) was produced. The oil was transported to the Waihapa Production Station where it was sold to Swift Energy. Gas produced in association with crude oil production was used to generate electricity for on-site use and a small quantity was sold into the local grid.

Construction of the Cheal oil field production facilities at the Cheal A site commenced in Q3 2006. The facilities are expected to be commissioned in August 2007.

Production will be from up to eight wells located at both the Cheal A site and from a second site, Cheal B, located a kilometre to the north. Engineering optimisation and design of the facilities allow capacity to be significantly increased in the future should this be required.

Development of the northern portion of the field from the Cheal B site commenced in Q3 2006. Four wells have now been drilled from the B site, three of which were completed as producers in Q1 2007. The fourth well, Cheal B4, was an exploration well which targeted Moki, Mt Messenger and Urenui sandstones to the north west of the field's bounding fault. While the results at the Moki level were disappointing, the well did confirm the presence of hydrocarbon charge outside the currently recognised limits of the field. A drilling program scheduled for 2008 targeting prospects north of the bounding fault has the potential to add new reserves to the Cheal project.

The commercial arrangements for the storage and sale of the crude oil have been completed.

Production in excess of 1,000 barrels per day (100%) is expected to be achieved during Q4 2007. The drilling of A5, A6 and B4 sidetrack is expected to increase production in Q1 2008.
The Company is the operator of the Cheal project on behalf of the joint venture, and owns a 69.5% beneficial interest in the Cheal Field. An independent report by Sproule International Ltd dated December 31, 2006, estimates 100% of 2P (proved and probable) Reserves in Cheal to be 2.9 million BOE's and 3P (proved, probable and possible) to be 4.1 million BOE's.

Cardiff Project
A series of flow and pressure build-up tests on the McKee sandstone formation in the Cardiff 2A well conducted in 2006 resulted in flow rates which at times exceeded three million cubic feet per day of gas and 100 barrels per day of light oil and condensate.

On the basis that commerciality had been demonstrated from the test of the McKee zone, the grant of PMP 38156 also included the Cardiff Field.

The next step is to secure a flow test of the deeper K3E reservoir interval. In preparation for this, the joint venture acquired specialist fracture technology advice which, combined with the results of the in-house reservoir simulation studies, was used to design the testing programme for the K3E interval.
AUSTRAL PACIFIC ENERGY LTD.

A work over of the Cardiff-2A well and flow test of the K3E interval began in late July 2007. Test results are expected by early September 2007.

No reserves have yet been assigned to this property.
The Company is the operator of, and holds a 25.1% interest in, the Cardiff Field.

Kahili
Production from the Kahili Field (PMP 38153) has been suspended since November 2004. A re-interpretation of the seismic shows the crest of the structure to be some 100 metres higher to the north-east of the existing Kahili 1A/B well (Tariki sandstones). It is intended to drill this up-dip potential in Q4 2007. As production facilities have already been established in the field, production will be able to be achieved with minimal delay.
No reserves have yet been assigned to this property since being written off in 2004.

The Company is the operator of, and holds an 85% beneficial interest in the Kahili Field

Exploration and Appraisal Projects
The Company continues to evaluate its exploration portfolio to high grade prospects and pursue the drilling of those that are likely to have the most impact on the Company's growth.

New Zealand
PEP 38524 was granted on 8 March 2007 over an area of 2,187 square kilometers (offshore south Taranaki). In June 2007 a total of 418 kilometers of aero - magnetic data was acquired. In addition, reprocessing of existing seismic data and acquisition of additional high quality seismic, in the first half of 2008, is expected to identify drillable prospects in the permit.
The Ratanui-1 exploration well in PEP 38741 (onshore Taranaki) was drilled in Q1 2007 to a depth of 2,120 meters. The target Mt Messenger and Upper Moki Formation sands were intersected as planned, however wireline log interpretation did not indicate economic hydrocarbons. Ratanui-1 was plugged and abandoned.

Papua New Guinea
In Q3 2006 a total of 54 kilometres of 2D seismic was acquired in PPL 235. This data has been used to better define the Douglas structure and to confirm suitable appraisal well locations. The data is also being used to delineate the nearby Puk Puk prospect and other prospects in preparation for future exploration drilling within the licence.

In Q1 2007 the PPL 235 Joint Venture signed a non-binding memorandum of understanding with Alcan South Pacific to investigate the supply of 40 billion cubic feet of gas per annum over 20 years to the Gove Refinery in the Northern Territory of Australia. The company holds a 35% interest in PPL 235.

A new licence, PPL 261, adjacent to PPL 235, was granted on 24 November 2006. The Company holds a 50% interest in PPL 261.
In June 2007 the Company received an offer from the Acting Minister of Petroleum and Energy to extend the term of PRL 4 which the Company and the joint venture participants have accepted. The joint venture is currently completing the regulatory requirements for the award of the extension. The Company holds a 28.9% interest in PRL 4.

Funding and risks
The Company considers it can meet all obligatory work requirements out of existing funds, future production revenue and by raising additional capital. As part of its ongoing exploration portfolio management, the Company continually assesses its equity holding in permits and may elect to farm-out portions of certain commitments.

Following quarter end, and as referred to under the section "Liquidity and Capital Resources", the Company raised $10 million by way of privately placed preferred shares.

The Company is currently earning revenue from the sale of Cheal oil from temporary production facilities. The Company expects production of the Cheal field to be from permanent facilities following commissioning in Q3 2007.

The Company faces a variety of business risks. The principal ones relate to exploration failure, oil price, exchange rates and the cost and availability of services and materials. If current high oil prices continue, the Company will benefit following Cheal permanent production. The Company's exploration costs are made in both NZ dollars and US dollars. The Company derives revenues denominated in US dollars providing a partial hedge to the exchange rate fluctuations. Exchange rate movements cannot be predicted. The Company maintains the bulk of its cash reserves in US dollars.

Due to the recent high level of worldwide oil exploration activity, exploration services and related materials are in high demand and as a consequence have increased significantly in cost, also due to the stronger NZ$ against the US$.

Results of Operations
Quarter Ended June 30, 2007
The Company's share of test production from Cheal has generated revenue of $1,920,039 for the quarter ended June 30, 2007. The other significant revenue was joint venture recoveries and interest which totaled $462,714 for the quarter.

For the quarter ended June 30, 2007, the Company incurred a net loss of $3,243,512 compared to a net loss of $1,949,505 for the quarter ended June 30, 2006. The increased loss for the quarter of $1,294,007 was primarily attributable to:
- in December 2006 the Company entered into a number of put options and forward sales contracts for the future sale of crude oil from the Cheal field. The fair value of the derivatives had decreased for the period ended June 30 2007 resulting in a net
loss of $864,548;
- increase in depletion expense of $858,127 due to production of oil from the Cheal field. There was no production during the quarter ended June 30, 2006.

- increase in general and administrative expenses of $417,103. This was primarily related to increased salaries and insurance. The Company has increased the number of staff within the last 12 months to enable it to dedicate sufficient resources to operational and administrative activities in order to implement the Company strategy;

- Increase in interest expense of $353,566 and debt financing expense of $480,791. This is the result of the Company drawing down a debt facility from Investec Bank (Australia) Ltd in December 2006. The Company did not have any borrowings for the period ended June 30 2006.
- exchange loss of $60,034 relative to the June 2006 exchange gain of $690,055.
offset by;
- net production (sales less royalties and production costs) increased by $1,017,513;
- decrease in oil and gas exploration expenditure of $1,387,871 is primarily the result of the Company focusing on the capital development of the Cheal oil field in the quarter ended June 30 2007.

Austral Pacific Operations Update