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Kea Awaits Drilling of Mauku Well with 'Excitement'

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New Zealand-focused Kea Petroleum is looking forward with "excitement and trepidation" to the drilling of its Mauku well in the country's Taranaki Basin, the firm said in a statement Tuesday.

Kea confirmed that the Odinn rig has begun drilling operations on Mauku after Mauku 1 was spud in January, when the Drillforce Rig No.6 drilled a surface hole to a depth of 1,660 feet. Odinn has now been moved onto the site and rigged up over the past three weeks and has re-entered the well in preparation for drilling.

Mauku is being drilling to a planned total depth of 11,150 feet and the drilling is expected to be completed in April.

Kea said it has been involved in extensive farm-out discussions with a number of parties. Half the cost of the Mauku well is being funded by its partner Methanex.

Kea Chairman Ian Gowrie-Smith commented in a statement:

"It is with a mixture of excitement and trepidation that we look forward to the drilling of Mauku. In the event of success, the impact of owning 100-percent of Mauku would be transformational for Kea given that the board estimates the upside potential prospective resource (P10) to be 1,031 billion cubic feet of gas and 61 million barrels of condensate."

Kea also reported that drilling operations at its Puka discovery have concluded and that the well has been prepared for testing. Testing at the Puka-2 well is now expected to begin in mid-March and will run for between 30 and 45 days.

"Using the cash flow we expect from the Puka field, the company will continue to develop some of the large prospective deposits in our extensive acreage within the Alliance Partnership with Methanex," added Gowrie-Smith.
 

 



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