Kea Agrees to Dispose Assets

Kea Petroleum announced Friday that it has conditionally agreed to sell its 70 percent interest in PEP51153, located onshore along the eastern margin of New Zealand’s Taranaki Basin.

If the sale is confirmed it would represent a huge asset disposal for the junior energy firm and lead to Kea being classified as an investing company, under AIM rules. The PEP51153 license, which could potentially be sold to privately owned New Zealand company Caliera Fund Limited, includes the Puka wells and Shannon prospect.

Additionally, Kea revealed that it is nearing a deal to dispose of its 100 percent interest in PEP381204, which includes the Mauku prospect, to New Endeavour Resources. The latest development follows Kea’s announcement in May that the company had failed to secure funding to drill a test well at the Shannon prospect.

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