Kea Reports Encouraging Production from Puka 2

New Zealand-focused Kea Petroleum reported Monday encouraging production test results from its Puka 2 well located on the onshore part of the Taranaki Basin.

During the initial clean-up flow period of five days, the well achieved an initial flow rate of 719 barrels of oil per day (bopd) with an associated gas flow rate of 419,000 cubic feet of gas per day on a 22/64-inch choke for 12 hours, said Kea. The oil has a density of 38 degrees API.

The firm said that the first shipment of oil from Puka 2 was dispatched to the market March 31.

Production is temporarily halted until April 14 to establish initial pressure build-up. Another flow period of up to 45 days will begin that will be followed by another build-up period before continuous production can begin, said Kea. The firm added that construction of the Puka production station is well advanced.

The company consents for an additional four wells to be drilled on the current Puka surface location.

Meanwhile, Kea also reported that it expects to achieve total depth of 11,155 feet at its Mauku well within seven to 10 days.

Kea Chairman Ian Gowrie-Smith commented in a company statement:

"We are delighted with these results - a headline flow rate at Puka 2 in excess of 700 bopd with no water production is excellent. We intend to proceed as quickly as possible in commissioning the production facilities and in further developing the Puka field.
"Kea is now on the threshold of generating a significant revenue stream from Puka. Combined with imminent results from drilling at Mauku, these are exciting times for the company."

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