Kea Awarded Exploration Permit PEP 52333

Source: www.gulfoilandgas.com 10/14/2010, Location: Not categorized

Kea Petroleum plc is pleased to announce that the New Zealand Minister of Energy has granted to Kea Oil and Gas Limited, a wholly owned subsidiary of KEA, a 100% interest in Petroleum Exploration Permit PEP 52333, situated offshore and onshore in the northern part of the Taranaki Basin, New Zealand.

PEP 52333 is an onshore/offshore area of 232.5 sq km, situated on the eastern margin of the North Taranaki Basin The large Pohokura producing gas-condensate field sits in the adjacent permit, approximately 25 km to the southwest, with most likely reserves quoted by NZ's Ministry of Economic Development at 993 BCF of gas and 56 million barrels of condensate (light oil).

The new permit contains the Mercury Prospect, a turbidite sand target originally mapped some twenty years ago by a Shell consortium, which at that time calculated an upside resource potential of 435 million barrels of oil, with a median resource potential of 16 million barrels of oil. The Pluto-1 well, drilled about one km north of Mercury by the Shell consortium, has extensive oil shows at the target Miocene sands level near 1300m depth.

As the first step in its programme of work, Kea will reprocess and remap the existing vintage seismic, and apply more modern analytical techniques to the data, before conducting a 3D seismic survey over Mercury to better define an initial drilling location on the prospect.

A commitment is required within three years to drill a well in the fourth year of the permit term. The directors of Kea consider such well could be drilled as an extended reach well from the shoreline to the east, in like manner to the Manaia-1 well, successfully drilled last year by an OMV consortium further to the west in the offshore basin.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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