Kea's Mauku Well to Be Plugged, Abandoned

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Kea Petroleum plc, the oil and gas company focused on New Zealand, announced drilling results from the Mauku 1 well.

Mauku 1, located in PEP381204 onshore Taranaki, reached a total depth of 10,564 feet (3,220 meters) measured depth April 16. The well intersected over 1,049 feet (320 meters) of the target Mangehewa formation which contained over 459 feet (140 meters) of reservoir quality sandstone.

Log analysis indicated that the well failed to intersect any hydrocarbon pay and consequently it will be plugged and abandoned.

The presence of a high quality reservoir section, and the information gathered during drilling and logging the well, will be important in guiding future exploration in PEP381204 and on the Eastern margin of the Taranaki basin.

Mauku 1 was drilled as part of a farm out alliance whereby half the cost of the well was met by Kea.

Ian Gowrie-Smith, chairman of Kea Petroleum, commented: "Whilst this is not the drilling result we were looking for, the data we have collected will be very useful to the further exploration of the PEP381204 license area. We are close to commissioning the production facilities at Puka, where we have achieved encouraging oil flow rates, and look forward to receiving cashflows from Puka in the near future."

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