RNS Number : 0020B
Kea Petroleum PLC
10 April 2012
For Immediate Release 10 April 2012
Kea Petroleum plc
("Kea" or the "Group")
PUKA 1 STRIKES OIL
FLOW TESTING TO FOLLOW
Kea Petroleum PLC is pleased to announce that the 100% owned Puka 1 well has reached its planned target depth of 1550m on time and within budget. A 40m interval near 1400m depth, contained several Mt Messenger reservoir quality sands, with a net to gross sand ratio over the interval of approximately 20%.
Independent petrophysical analyses of electric logs indicate a minimum of 4.5m 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.
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.
To learn more about Kea Petroleum, visit: www.keapetroleum.com or contact:
Contact: David Lees, Executive Director
Tel: +44 (0) 20 7340 9970
Contact: Mathew Coakes/Daniel Conti
Tel: +44 (0) 20 7653 4000
Contact: Tim Anderson
Tel: +44 (0) 20 7466 5000
Notes to Editors
Kea Petroleum is an AIM listed oil and gas exploration company with interests in four petroleum exploration permits in New Zealand's Taranaki Basin. Kea listed on the London market in February 2010.
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