Kina Petroleum Updates on Drilling at Raintree-1 Well in PNG's PPL 337

Kina Petroleum Ltd. (KPL) provided Friday an update on progress of the Raintree-1 exploration well in PPL 337 in Papua New Guinea.

At 8.00 a.m. May 22 the well was at a depth of 3,445 feet (1,050 meters).

Electric logging is currently underway and after evaluation of the logs, casing will be set. The well will then drill ahead to the target formation. Approval has been received to drill ahead to 4,921 feet (1,500 meters) in a 4.75 inch hole.

The results of that section will then be evaluated and the nature of further operations reviewed at that time.

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