Kea Petroleum provides drilling and exploration update
Tuesday, January 29, 2013
- Mauku 1, located in the onshore portion of PEP 381204 in the Taranaki Basin, spudded at 1600hrs on 8 January 2013 local time and was drilled to the surface casing point of 502m.
- As previously reported, Puka 2 located in PEP 51153 spudded on 28 November 2012 and was suspended at the surface casing point due to the commencement of seismic recording.
Kea Petroleum plc (AIM: KEA), the oil and gas exploration company focused on New Zealand, is today pleased to announce significant advances to its drilling and exploration programme. It has spudded Mauku 1, recommenced drilling Puka 2 and completed the acquisition of Puka 3D seismic.
Mauku 1, located in the onshore portion of PEP 381204 in the Taranaki Basin, spudded at 1600hrs on 8 January 2013 local time and was drilled to the surface casing point of 502m. The initial stage of the well was drilled by Drillforce Rig 6, a Gefco 200 rig which was released from Mauku 1 on 21 January 2013 and has been moved to Puka 2 where it will be used to drill the production hole section.
Mauku 1 will be drilled to a planned total depth (TD) of 3400 metres by the Icelandic Drilling Odinn rig. The Odinn rig has been contracted to drill the main section of Mauku 1. It replaces the previously contracted NRG Rover rig owing to its higher capacity which makes it more suitable for the demands of drilling the Mauku 1 well.
Management expects the Odinn rig to be on location in approximately three weeks to recommence drilling with the well expected to take approximately 40 days to reach TD.
On a P50 basis the Mauku prospect addresses a gross mean prospective recoverable resource of 485 BCF of gas and 27 million barrels of associated liquids.
As previously reported, Puka 2 located in PEP 51153 spudded on 28 November 2012 and was suspended at the surface casing point due to the commencement of seismic recording. Drillforce Rig 6 recommenced drilling on 28 January 2013 and is expected to be at TD by mid-February.
Puka 3D Seismic
Acquisition of the 50km2 Puka 3D seismic survey, located onshore in PEP51153, was completed on schedule and under budget with recording completed on 21 December 2012 and all wireless nodes collected by 30 December 2012. Field restoration work has been completed and initial processing of the survey data has commenced.
Interpretation of the 3D volume is an integral part of optimising field development and production and planning future Puka wells with initial results expected in Q2 2013.
Ian Gowrie-Smith, Chairman of Kea Petroleum, commented: "We are delighted by the progress being made in our drilling work at Mauku 1 and at Puka 2, where we are on track to drill to total depth at both sites in the coming weeks. We are continuing to negotiate the farm out of Mauku and remain optimistic of signing an agreement in the near future.
"We have also made progress with further exploration of the Puka field and expect initial results from 3D seismic work in Q2 2013."
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More