31st Jul 2014 10:52
LONDON (Alliance News) - Kea Petroleum PLC Thursday said drilling at its Puka-3 well on the PEP51153 licence, located onshore in Taranaki, New Zealand is progressing on budget, while oil production at the Puka-1 and 2 wells has improved.
The New Zealand-focused oil and gas company said it expects to reach total depth of 1,580 metres at the Puka-3 well by mid-August. Drilling at Puka-3 is targeting thicker sand development with a view to increasing accessible net pay from the well.
"The importance of success at Puka-3 cannot be over emphasised in terms of improved production volumes and economics, but more importantly because we are confident that it will give us a better idea of the reserves and reservoir configuration," said Chairman Ian Gowrie-Smith in a statement.
Kea Petroleum also said Thursday it has seen an improvement in oil production at wells Puka-1 and Puka-2, up 48% from average daily production in the second quarter of the year.
The company's stock was flat late morning Thursday, trading at 2.30 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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