Kina Petroleum Ltd. (KPL) provided Thursday an update on progress of the Raintree-1 exploration well in PPL 337 in Papua New Guinea (PNG).
At 08:00 am June 4 the well was at a total depth of 3,373 feet (1,150 meters). Logging runs have been completed which confirm that the objective section contains volcanic/igneous formations and does not host hydrocarbons.
Data from the logs, along with geological results from drilling and review of seismic data indicate that all formations of interest have been intersected. Drilling operations have therefore ceased and the well will be plugged and abandoned.
The rig expected to be released at the end of this week at which point mobilization to the Kwila-1 site will commence. Movement of the rig, camp and associated equipment to Kwila-1 is expected to have concluded by the end of June with Kwila-1 expected to spud in late June/early July.
Kina Managing Director, Richard Schroder, commented:
"Whilst it is disappointing that the well did not intersect hydrocarbon in the primary objective we are encouraged by the presence of significant gas shows in the shallow good quality porous sands above the primary objective which we believe is highly significant in respect of our objectives in the forthcoming Kwila 1 well.
Furthermore for its first well in PNG we were pleased with the performance of the rig and we look forward to the commencement of drilling at Kwila-1. We have previously noted our positive outlook for drilling in PNG using this new drilling technology and the images that follow highlight the rig's operational capacity."
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