Kea Strikes Pay with Puka 1 Well

Kea Petroleum announced Tuesday that the 100 percent owned Puka 1 well has reached its planned target depth of 1,550 meters (5,085 feet) on time and within budget. A 40 meter (131 feet) interval near 1,400 meter (4,593 feet) depth, contained several Mt Messenger reservoir quality sands, with a net to gross sand ratio over the interval of approximately 20 percent.

Independent petrophysical analyses of electric logs indicate a minimum of 4.5 meters (14.7 feet) of moveable hydrocarbons in good reservoir quality sands. These are most likely a light oil, somewhat gassier towards the top of the interval.

Both the depth at which these sands were encountered, and their extent, are in line with pre drill expectations, and at this stage the Company has not altered its original estimate of gross recoverable resource of one million barrels with a potential upside of up to three million barrels.

The well has been cased and suspended pending flow testing and, if warranted, long term production. The timing of initial flow testing will be determined by the availability of equipment.

Further information will be released as it comes to hand.