Kea Plans Two NZ Wells after Fundraising

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Jon Mainwaring
Senior Editor, EMEA | Rigzone
 -  Total Sells West of Shetland Assets af... (Jul 29)
 -  Galp Produces Solid Results for 2Q 201... (Jul 27)
 -  What Now for UK Shale Gas? (Jul 27)
 -  Cuadrilla Appeals Council's Shale Gas ... (Jul 23)
 -  Wressle-1 Well Test Exceeds Expectatio... (Jul 21)


Most Popular Articles

From the Career Center
Jobs that may interest you
Cost Engineer
Expertise: Cost Engineer
Location: US
 
Rig Electrician
Expertise: Electrician|Rig Electrician
Location: Texas, TX
 
Floorhand
Expertise: Floorhand
Location: Texas, TX
 
search for more jobs

Brent Crude Oil : $53.31/BBL 0.13%
Light Crude Oil : $48.52/BBL 0.55%
Natural Gas : $2.77/MMBtu 4.15%
Updated in last 24 hours