UK-based Kea Petroleum revealed Monday that swabbing operations from its Puka-1 well in New Zealand produced oil and gas to the surface almost immediately.
Independent analysis of the oil showed it to be of "excellent quality light oil," the company said in a statement.
Preparations are currently underway at the well to start longer term production testing.
In April this year, Kea announced that drilling at Puka-1 had hit a 131-foot (40-meter) interval of Mt. Messenger reservoir quality sands with a net pay of between 14.8-foot (4.5-meters) and 29.5-foot (nine meters).
The company had maintained 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 at the Puka-1 well.
At the end of May, Kea reported that it had also moved on to the testing phase at its Douglas-1 well in New Zealand. The testing of Douglas-1, located within the Taranaki basin in New Zealand, is expected to be completed at the end of June.
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