MEO Updates on Drilling at Puka-3 Well in PEP 51153 in Taranaki Basin

MEO Australia Limited, on behalf of its wholly owned subsidiary MEO New Zealand Pty Limited, announced Friday that Kea Petroleum Limited (KEA), Operator of PEP 51153 in New Zealand's onshore Taranaki Basin, has reported that Puka-3 was drilling ahead at 2,752 feet (839 meters) measured depth rotary table (MDRT) at 06:00 local time July 31.

The well is being drilled to a True Vertical Depth of 5,183 feet or 1,580 meters (~7,480 feet or 2,280 meters MDRT). The target is based on the recently reprocessed 19.3 square miles (50 square kilometers) 3D seismic survey acquired by KEA.

Puka-1 and Puka-2 were drilled on the basis of 2D seismic data and appear to have been drilled on the edge of the Puka field. Puka-3 is being deviated approximately 4,839 feet (1,475 meters) to the North of the surface location aiming to intersect thicker sand development interpreted from the reprocessed 3D seismic.

As part of Phase 1 of the farm-in, the down-hole pump on Puka-2 was replaced and the well was gradually restored to production. Combined production from both wells has been sustained at approximately 110 barrels of oil per day (bopd) with conservatively set pump stroke rate and other parameters for Puka-2. Production could be increased significantly subject to continued problem free production.

The permanent pipework servicing production from Puka-1 and Puka-2 wells has now been installed. Upon completion of Puka-3, MEO will become entitled to a 30 percent share of oil production from the Puka field.

MEO’s CEO and MD Jurgen Hendrich commented on the announcement:

“Puka-3 is a key component of our farm-in arrangement with Kea. The success of this well will further advance the Puka oil discovery towards the real economic prize, full field development.”


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