Austral faces off with Rift Oil, reports loss

AUSTRAL Pacific Energy is facing legal action from London-based Rift Oil over the Douglas gas project in PNG while recording a loss of almost $US6.6 million (K17.64 million) for the March quarter.

Austral faces off with Rift Oil, reports loss Austral faces off with Rift Oil, reports loss Austral faces off with Rift Oil, reports loss Austral faces off with Rift Oil, reports loss Austral faces off with Rift Oil, reports loss

Rift is seeking about $US1.65 million from Austral, relating to the drilling of the Puk Puk-1 exploration well at Douglas, which spudded on May 10.

Rift is also seeking a further cash call of $US1.

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