Kea Petroleum plc announced an update on current drilling activities in New Zealand and its drilling program in Australia.
Douglas -1 Total Depth Reached and Testing Initiated
Drilling of Douglas-1 well on permit PEP 51153 within New Zealand's onshore Taranaki Basin has been completed, having reached its total depth of 9,842 feet (3,000 meters). The NRG rig has been de-mobilized and moved offsite. Kea has intersected the target Tikorangi Limestone, which hosts oil in the adjoining Waihapa oil field. As the well encountered extensive open fracture networks together with some encouraging hydrocarbon shows, Kea moved directly to testing which is expected to last approximately four weeks. Targeting of the Douglas 1 well was assisted by the recent completion of a key seismic line over the Douglas prospect. In the event of a commercial discovery, production will be assisted by Douglas 1 having been drilled from the former Wingrove site which has existing production facilities.
The Douglas completion and testing is budgeted to cost $1.4 million.
Puka-1 Completion and commencement of testing
The Drillforce rig has arrived on the 100% owned Puka-1 well in permit PEP 51153, to begin completion of the well and testing. Completion and testing is expected to take up to two weeks. Kea announced on April 10 that Puka-1 had intersected a 131 foot (40 meter) interval of Mt. Messenger reservoir quality sands with a net pay of between 4.5 meters and 9 meters. Independent petrophysical analyses of electric logs indicate moveable hydrocarbons in good reservoir quality sands. Kea has not altered its original estimate of gross recoverable resource of one million barrels of oil with a potential upside of up to three million barrels of oil.
Wells in Australia
In order to concentrate on the above activities Kea has signed a deed of termination agreement to dispose of its interests in two Australian licenses. Kea's expenditure on its Australian operations was limited to AU$1.24M.
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