Kea Petroleum Inks Deal for Drilling of Puka-3 Well in PEP 51153 in NZ

MEO Australia Limited, on behalf of its wholly owned subsidiary MEO New Zealand Pty Limited, announced Wednesday that Kea Petroleum Limited, the Operator of PEP 51153 in New Zealand's onshore Taranaki Basin has executed a contract with Drill Force New Zealand Ltd for the drilling of Puka-3.

Puka-3 is targeting Mt Messenger formation sands at about 5,183 feet (1,580 meters) True Vertical Depth that have been interpreted from the recent 19.3 square miles (50 square kilometers) 3D seismic survey carried out in the south western part of PEP 51153. MEO has recently completed reprocessing of this survey to optimise the target location.

Preparations for Puka-3 are advanced with the well expected to spud in late July. Puka-3 will be drilled from the same well pad as the producing Puka-1 and Puka-2 wells. MEO will become entitled to a 30 percent share of Puka oil production upon completion of Puka 3.

MEO’s CEO and MD Jurgen Hendrich commented on the announcement:

“We are very pleased that the Operator has secured a suitable drilling rig and look forward to the successful drilling of the Puka-3 well.”

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