Kea Petroleum makes oil discovery with Puka 2 well

By Editor on 14 February 2013

Kea Petroleum (LON: KEA) has made an oil discovery in a new sand reservoir with the Puka 2 well in the lower Mount Messenger ?Mako? Sands.

Puka 2, located in the Taranaki Basin, New Zealand, intersected 4.6m of sand with a vertical thickness of approximately 3.3m in the lower Mount Messenger near 1,700m measured depth. Preliminary petrophysical log analysis indicates that the porosity and permeability values are amongst the highest recorded in Mount Messenger reservoirs to date. Due to the quality of the sand intersected in Puka 2, Kea expects to record higher oil flow rates than those recorded at Puka 1. The well will be cased and tested as soon as possible.

Interpretation of the recently acquired 3D seismic survey and further follow up drilling will be required to appraise and develop the upper Puka Sands discovered at Puka 1, the lower Mako Sand package discovered at Puka 2 and determine the ultimate size of the entire Puka field.

The existence and quality of the lower sand package at Puka 2 is significant for the potential field size of the greater Puka field and for potential productivity from both the Puka 2 well and the Puka field in general.

Ian Gowrie-Smith, Chairman of Kea Petroleum, commented:
?We are delighted to have again struck oil at Puka. This new discovery, with its high quality sands, is likely to have much better flow rates than Puka 1. Kea can now look forward with confidence to an early and substantial cash flow.?

Posted in Oil & Gas Exploration & Production | Tagged Kea Petroleum, New Zealand |

Source: http://www.smallcapnews.co.uk/2013/02/kea-petroleum-makes-oil-discovery-with-puka-2-well/?utm_source=rss&utm_medium=rss&utm_campaign=kea-petroleum-makes-oil-discovery-with-puka-2-well

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