Corporate
Of the 2 million New Zealand tradeable warrants issued in January 2004 ,
only 15,500 remain unexercised and have now been cancelled. (NYSE: PNP) announces the following Webcast:

What: Pan Pacific Retail Properties Inc.
Pan Pacific focuses on creating long -term stakeholder value by
specializing in the acquisition, ownership and management of community
and neighborhood shopping centers for everyday essentials.

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CEO Dave Bennett said, "We are delighted to have finalized this agreement,
which ensures the drilling of the highly prospective Douglas-1 well this year. (TSXV and NZSX: APX; AMEX: AEN)

Cardiff-2A Testing Program
The well continues to lift gas plus condensate, oil and completion fluid,
as the upper two test zones clean up.
Pan Pacific is headquartered in Vista (San Diego), California, and
has regional offices located in Sacramento, California; Kent,
Washington; Portland, Oregon; and Las Vegas, Nevada .

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Cheal
At the nearby Cheal oil field, Jet Pump Production Test #1 (JPPT#1) in the
Mt Messenger pay zone in the Cheal-A4 well has now been completed. Due to damage incurred on the coil tubing unit while it was
being used elsewhere for another operator, it may be some time before this
zone can be accessed.

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A larger down-hole jet pump nozzle is now being evaluated , and Jet-Pump
Production Test #2 (JPPT#2) is presently in progress. The well is being allowed to continue to clean up, with
oil and condensate being diverted to storage tank.

Corporate Update
The Company is continuing its agreement with National Financial
Communications Corp .

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Following completion of JPPT #2,
a third nozzle size will be evaluated, then testing will be conducted in a
similar manner on the shallower Urenui oil pay in this well." Austral has
previously drilled 6 wildcat wells and acquired several seismic surveys in the
East Coast Basin of New Zealand .

com

If you are unable to participate during the live webcast, the call
will be available for replay at
http://www.

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com) .

Contact: Carol Merriman, (760) 598-2002 or cmerriman@pprp .

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The Douglas Prospect is situated in a lightly explored area of the foreland
basin, where earlier wells have clearly demonstrated that oil and gas is
generated.nationalfc.

New Zealand is an island country in the South Pacific Ocean with a population of near 3.

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It is anticipated that
Cardiff-2B will reach its target depth near 4,900m (16,000 feet) later in
February and will be completed for testing.

Austral Pacific Drilling Testing + Corporate Update

75 and
US$4.vcall. is an equity real estate
investment trust (REIT) traded on the New York Stock Exchange under
the symbol PNP.

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Ownership of this rig will position the Company to drill follow-on
wells and other prospects in that country .7 million square feet of retail space.

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Success
at Douglas-1 will enhance the likelihood for further discoveries within the
license area.

New Zealand
Cardiff
The Cardiff-2B deviation well is now being kicked off past a cement plug
in the Cardiff-2A sidetrack at a depth of 3950m (13,000 feet).

CONTACT: Investor Relations: tel: +1-561-837-8057, ext.

Webcast Alert: Pan Pacific Retail Properties Inc. Announces Its Fourth Quarter FY 2004 Earnings Conference Call Webcast

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"
The Douglas Prospect is mapped as covering an area of some 15,000 acres
(60 sq km), with PPL 235 incorporating this and several other identified
drilling targets within a total area of 720 ,000 acres (2,900sq km).

Business Editors

VISTA, Calif. The portfolio is principally
diversified across five distinct regions in the Western United States:
Northern California, Southern California , Washington, Oregon and
Nevada.

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com

This release includes certain statements that may be deemed
"forward-looking statements.

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CEO Dave Bennett commented, "While unfortunate, this will allow Austral to
concentrate more on its core opportunities in the Taranaki Basin, and on its
bigger upside exploration projects in Papua New Guinea.pprp.

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The Cardiff-2A sidetrack drilled to a depth of 4072m (13,360 feet) within
the upper part of the Kapuni Formation, with hydrocarbon indications similar
to those at equivalent depths in Cardiff-2, before drilling complications led
to the plugging back of the Cardiff-2A wellbore. In
consideration for the services, NFCC receives US$5,000 per month and has been
granted options to purchase 100,000 common shares pursuant to the Company's
stock option plan. Pan Pacific's
portfolio currently totals 133 properties, encompassing approximately
21.

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WELLINGTON, New Zealand, Austral Pacific
Energy Ltd.

Papua New Guinea: PPL 235
Austral Pacific has now entered into a formal agreement with Rift Oil PLC
(a UK company ) whereby Rift will contribute the first US$6M of expenditure on
the Douglas-1 exploration well in Papua New Guinea (PNG). Over a 10
day interval of near continuous production during January, the well flowed in
a stable manner, and produced a total of approximately 3,000 barrels of oil
and 1,500,000 cubic feet of gas.

Cheal-A3X Production Testing
Production of oil from the Cheal-A3X well is continuing at stable rates
with more than 20,000 barrels of oil and negligible associated water having
been produced since testing of this well commenced in late May.75 and vest over a three year period, at one third per year.

Its area is 103,736 sq mi (268,676 sq km).

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The main pay zone, deeper in the well, remains shut-in by the sand within the
completion tubing.com
Email: ir@austral-pacific.

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Austral Pacific will continue as operator of the joint venture with a
35% interest in Douglas-1 and the PPL 235 license.
During the first three days of JPPT#2 , the well has averaged rates
approximately 40% higher than during JPPT#1. Production
testing will then be conducted on both pay zones together. Fluid
rates are several hundreds of barrels (of mostly drilling/frac fluid) per day. Since 1992,
NFC has provided consulting services and customized, proactive investor
relations campaigns to more than 500 small/micro-cap public companies
http://www.

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The Company is the largest neighborhood shopping
center REIT focused exclusively on the West Coast. The
Company's strategy is aimed at providing stakeholders with long-term
stable cash flow through maintaining a diverse portfolio and tenant
base, balanced with consistent growth through implementing its
acquisition and property management programs.

The capital city is Wellington.

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Contact: Investor Relations: tel: 1 800 3043631 USA/Canada
+644 476 2529 New Zealand

Web site: http://www. Investors are cautioned that any such statements
are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward-looking
statements." All statements in this release that address
future production, reserve potential or exploration drilling, are forward -
looking statements.

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WELLINGTON, New Zealand, Austral Pacific
Energy Ltd.

Supplejack -1 Well
The Supplejack-1 well in PEP 38741 (Austral : 30%, operator) spudded on
July 21. ( "NFCC"), of Needham, Maine, for the provision of
investor relations, corporate, investment and financial public relations,
public affairs, litigation and crisis communications services.asp?ID=90118

How: Live over the Internet -- Simply log on to the web at the
address above.
Additional information on Pan Pacific is available on the
Company's web site at www.com

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Austral Carried in US$6 Million Farm-Out

A similar testing
program will then be conducted on Cheal-A3X, which has previously flowed
unassisted at rates averaging 300 barrels of oil per day.com
Email: ir@austral-pacific.

Gas rates exceed one
million cubic feet per day, with pressures and volumes rising steadily.com

This release includes certain statements that may be deemed
"forward-looking statements.----Pan Pacific Retail
Properties Inc.

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In return, Rift will
earn a 65% interest in Petroleum Prospecting License 235 in PNG's Foreland
Basin.austral -pacific. The ODE 19 rig will take three weeks to drill to a Target Depth of
2600m (8,500 feet) to test targets at Urenui and Moki levels defined by the
Kaimata 3D seismic survey. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. Fourth Quarter FY 2004
Earnings Conference Call Webcast

When: February 17, 2005 @ 10:30 AM Eastern

Where: http://www.com/
Pan Pacific Retail Properties, Inc.

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Papua New Guinea
The Company and its partner Rift Oil have now secured a heli-portable rig,
which will be commissioned in the US over the coming months, and mobilized to
Papua New Guinea to drill the Douglas-1 well (Austral 35%, Operator) before
end 2005.vcall.

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" All statements in this release that address
future production , reserve potential or exploration drilling, are
forward-looking statements.austral-pacific.

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(TSXV and NZSX: APX; OTC Bulletin Board: APXYF). A continuous gas flare is running, with
significant amounts of associated oil and condensate.

Onshore East Coast Basin PEP 38330
Following interpretation of recent seismic, Austral and its joint venture
partners considered the Wharekaka Prospect posed a high risk of gas discovery,
with its attendant problems; and given that the regulatory agency would not
allow additional time in which to seek other funding parties to diversify the
discovery risk , the joint venture parties are now relinquishing this acreage. The options are exercisable at prices between US$2. 2

Web site: http://www.com/EventPage.