Kea spuds Puka-1 (0469A)

TIDMKEA

RNS Number : 0469A

Kea Petroleum PLC

26 March 2012

 
  For Immediate Release   26 March 2012 
 

Kea Petroleum plc

("Kea" or the "Group")

Kea spuds Puka-1

Kea Petroleum plc (AIM:KEA) is pleased to announce that the Puka-1 exploration well in the PEP51153 licence area in onshore Taranaki spudded on 24 March 2012, and has already run and set surface casing to 307m.

It is anticipated that the well will be drilled to a total depth of 1,550m by early April 2012, and will test for oil in the Miocene aged Mount Messenger Sands.

In the event of success, Kea's gross recoverable resource is estimated to be approximately one million barrels, with a potential upside of up to three million barrels.

This release has been approved by non-executive director Peter Mikkelsen FGS, AAPG, who has consented to the inclusion of the technical information in this release in the form and context in which it appears.

For further information please contact:

   Kea Petroleum plc                                              Tel: [phone] 

Ian Gowrie-Smith, Executive Chairman

David Lees, Executive Director

   RBC Capital Markets                                         Tel: [phone] 

Matthew Coakes / Daniel Conti

   Buchanan Communications                              Tel: [phone]  Tim Anderson 

Notes to Editors:

Kea Petroleum is an AIM listed oil and gas exploration company with interests in four petroleum exploration permits in Taranaki and Northland Basins of New Zealand. Kea listed on AIM in February 2010.

This information is provided by RNS

The company news service from the London Stock Exchange

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