"We're listed on exchanges in New Zealand, Canada and the US," chief executive Thom Jewell said.

"Maintaining three listings is a very costly and resource-intensive business that puts strain on our management and compliance load, without adding any tangible benefit to our shareholders or corporate governance standards.

"Delisting from the AMEX is a sensible and efficient option at this time, as we seek to reduce costs and concentrate on increasing production and cash flow from our operations."

The company's shareholder base is international, with 34% in New Zealand and 46% in North America.

The AMEX accounts for some 65% of the trading volume in Austral Pacific shares. The company's last trading day on the AMEX is expected to be June 27.

Jewell said North American shareholders would continue to be able to trade the company's stock on the TSX Venture Exchange and the New Zealand Stock Exchange.

He said Austral did not intend to arrange for trading of its common shares on any other national securities exchange or quotation medium in the US.

In other corporate news, Austral said it had issued 1,056,338 shares to its loan facility provider, Investec Bank (Australia) as a work fee for the agreed restructuring of the company's loan facility.

Based on the market price at March 19, this had a total value of US$750,000, according to Austral. But based on Austral's opening price on the AMEX today (65c), the total value is about $US686,600.

This is the latest move by Austral to cut costs.

Earlier this week, it farmed out 80% of an offshore New Zealand lease to Australian Worldwide Exploration for the bargain basement price of a requirement to fund about 350km of new 2D seismic.

Late last month, Austral sold its PNG assets to UK company Rift Oil after it was unable to meet cash calls for an exploration joint venture with Rift.