Kea Petroleum plc, the oil and gas company focused on New Zealand, announced further results of testing and flow rates at Puka, the decision not to renew the PEP51155 permit in onshore Taranaki Basin and the commencement of a strategic review process.
The Directors are pleased to advise that combined total flow rates at Puka 1 and Puka 2 have stabilized at approximately 200 barrels of oil per day (bopd).
Following processing and interpretation of the recently acquired Uruti 2D Seismic, inadequate seismic quality over Angus and a diminished appetite for deep gas plays, Kea undertook a prospectivity review of the PEP51155 permit. Kea has elected not to extend the term of PEP51155 for a further 5 years and therefore will not be drilling Angus.
Testing of Puka
Testing operations are continuing at Puka with both Puka 1 and 2 wells undergoing periods of flow and buildup over the past two and a half months. As a result of test analysis, and to reduce issues associated with wax formation affecting flow, artificial lift was recently installed on Puka 2.
A considerable number of issues have dogged the achievement of anticipated flow rate levels. Puka 1 and Puka 2 are entirely different in character. Puka 2 had to move to artificial lift; equipment had to be moved from the Wingrove site and altered to specification; and the site had to be expanded to accommodate production and ease of production off take.
Kea is currently undertaking further analysis of well data and seismic interpretation, in addition to ongoing work on a field development plan and currently anticipates drilling a third appraisal well, Puka 3, in 1Q 2014.
A total of 5,049 barrels of oil and 101.52 million cubic feet of gas have been produced since the most recent phase of testing began in July. Following the installation of artificial lift and the beginning of commingled production, current combined flow rates for Puka 1 and Puka 2 are 200 bopd and 2.4 million cubic feet per day of gas.
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