Kina Petroleum Updates on Kwila-1 Exploration Drilling in PPL 337 in PNG

Kina Petroleum Ltd. (KPL) reported Tuesday on drilling at the Kwila-1 exploration well in PPL 337 in Papua New Guinea.

As at 8.00 am local time July 7 the well was at a depth of 3,281 feet (1,000 meters) and preparing to run wireline logs.

During the week, the well was drilled in a 6.5 inch hole to a depth of 3,281 feet (1,000 meters). The well has intersected both the primary and secondary objectives which comprise thinly interbedded sandstone of good to fair reservoir quality and intercalated siltstone/claystone. The well will now be evaluated by the forthcoming electrical logging program.

Kwila-1 is operated by Heritage Oil Ltd. under a farmout agreement between Heritage and KPL, whereby Heritage will carry KPL through the drilling and, if appropriate, testing of 2 wells. The first of those wells, Raintree-1, has been drilled. KPL will retain a 30 percent participating interest in the License upon completion of drilling, and in the event of a discovery will benefit from a carry through seismic program to appraise the field.

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