Kea Petroleum plc, the oil and gas company focused on New Zealand, announced Wednesday that it has shut in production at its Puka site in PEP 51153 in New Zealand's onshore Taranaki Basin.
Over the last few weeks, Kea has been working hard to resolve mechanical problems with the Puka-1 well, while continuing to produce from Puka-2. Unfortunately the problem cannot be resolved with the equipment currently available. An alternative longer term plan is under consideration however given the current oil pricing environment, the Board has decided that the site is shut in until the economics of continued site operations improve.
The Company is continuing to work with potential farm in partners for its Mercury, Mauku and Shannon prospects in PEPs 52333, 381204 and 51153 respectively.
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