Kina Prepares to Further Drilling at Raintree-1 Well in PPL 337 in PNG

Kina Petroleum Limited provided Thursday an update on progress of the Raintree-1 exploration well in PPL 337 in Papua New Guinea.

At 8.00 a.m. May 28 the well was at a depth of 3,445 feet (1,050 meters). Since the previous report of May 22, logging has been completed, casing has been set and other surface equipment tested ahead of further drilling.

The drill string required for the section below 3,445 feet (1,050 meters) is to be replaced and will shortly be on site. It is expected the well will again be drilling ahead by Friday of this week.

As previously indicated, approval has been received to drill the next section to a depth of 4,921 feet (1,500 meters) in a 4.75 inch hole with the results of that section to then be evaluated and the nature of further operations reviewed at that time.

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