Kea Updates on Puka Drilling in New Zealand
by Kea Petroleum plc
|Tuesday, June 11, 2013
Kea Petroleum plc (Kea), an oil and gas company focused on New Zealand, has given an update on results of the testing of Puka wells 1 and 2, including some views on the potential size of the Puka fields and possible future production levels, and plans to drill Puka 3.
Preliminary analysis of the recent 3D seismic over Puka as well as testing results to date indicate that both Puka discoveries are at the edge of a substantial channel. Regional experience with Mt. Messenger discoveries is that sand intersections can vary from 10 feet to 164 feet (3 meters to 50 meters). Puka 2 is only a 12 feet (3.6 meter) net sand and while initial flow tests achieved rates of over 700 barrels of oil per day (bopd), flows from such thin pay could not be expected to be sustained at particularly high levels.
The sustained rates totaling over 300 bopd detailed below are certainly commercial but the opportunity to achieve total daily production rates of over 2,000 bopd, which remains Kea's objective, rests on more holes being drilled into thicker sands.
Advanced but not final interpretation of the 3D, which is expected within three months, together with regional experience would suggest a high probability of finding thicker pay within the main channel.
Kea intends to proceed as quickly as possible to the drilling of Puka 3. The company has adequate cash resources to drill this hole as well as complete the ongoing capital production works at the Puka site.
Sales of oil to date from Puka have raised $1.13 million (NZ$1.45 million).
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