Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Kea Expects to Complete Farm Out of Puka Discovery Soon

change text size

New Zealand-focused Kea Petroleum reported Tuesday that a staged farm out of its interest in the PEP 51153 license, which includes the Puka discovery, is expected to be completed during the first quarter of 2014 after due diligence is finished.

An agreement signed by Kea envisages a staged farm-out whereby Kea will be funded through an appraisal of Puka with one firm well and up to three further wells, fully funded by Kea's partner, the firm said.

Kea added that as a result of the current extended well testing phase on Puka, a total of 13,791 barrels of oil was sold during the fourth quarter of 2013, generating $1.2 million of revenue. During January, a further 2,532 barrels were produced.

However, Kea said that Puka 2 production has been significantly reduced due to a mechanical failure of a down-hole pump. Continued pressure buildup during the shut-in period confirmed the productive capacity of Puka 2, with planning underway to make necessary repairs to the down-hole equipment. Repairs are expected to be completed and production re-started during March.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Ophir Energy Expands Offshore Gabon Fo... (Oct 24)
 -  Impact Scores a New License off West A... (Oct 24)
 -  Chariot Opts Not to Pursue License for... (Oct 23)
 -  Shell Hits Gas in Pre-Salt Reservoir O... (Oct 22)
 -  BP Awards FEED Contracts for Tangguh E... (Oct 22)
Most Popular Articles
From the Career Center
Jobs that may interest you
Subsea Structural Designer- Inventor
Expertise: CAD/CAM, Structural Engineering, Subsea Engineering
Location: Houston, TX
 
Business Development Manager
Expertise: Business Development, Client Representative, Regulatory Compliance
Location: Arvada, CO
 
Drilling Engineer
Expertise: Drilling Engineering, Petroleum Engineering
Location: Denver, CO
 
search for more jobs