Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Kea Plans Two NZ Wells after Fundraising

change text size

Kea Petroleum announced Friday that it plans to drill two further wells near its successful Puka-1 onshore well in the Taranaki Basin, New Zealand, after raising $11.3 million in a placing of its shares with investors.

Kea added that it will also complete around 19 square miles of 3D seismic acquisition over the area, which it hopes will help it locate further appraisal and development wells at Puka in order to increase production.

"The additional working capital provides Kea with the resources to rapidly expand output," Kea Chairman Ian Gowrie-Smith said in a statement.

Kea reported in August that its Puka-1 well had been successfully tested, flowing oil at up to 290 barrels per day and gas at up to 2.2 million cubic feet per day. Since then, the maximum flow rate of oil achieved at the well has been 310 barrels per day.

While many oil firms continue to explore the Taranaki Basin, New Zealand's only producing basin so far, the country's government is keen to see at least one of New Zealand's other nine basins develop in a similar way. In the summer, New Zealand's Ministry of Business, Innovation and Employment argued that such a development would mean another $1.5 billion of exports for the country and a further 5,500 jobs.

 

 



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  What's Going on in Kurdistan? Q&A with... (Oct 20)
 -  North Sea Future: Innovation Needed (Oct 17)
 -  UK's Cygnus Project to Support 4,800 S... (Oct 15)
 -  Faroe Completes Acquisition of Schoone... (Oct 10)
 -  Polarcus: FAN-1 Opens Up West African ... (Oct 9)
Most Popular Articles
From the Career Center
Jobs that may interest you
Directional Driller Trainee
Expertise: Directional Driller
Location: Houston, TX
 
Rig Maintenance Supervisor
Expertise: Rig Electrician, Rig Mechanic
Location: US
 
Subsea Supervisor
Expertise: HSE Manager / Advisor, Subsea Engineer
Location: Gulf of Mexico, TX
 
search for more jobs