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Kea Petroleum Makes New Deeper Pool Oil Discovery at Puka

Source: www.gulfoilandgas.com 2/14/2013, Location: Not categorized

Kea Petroleum plc, the oil and gas exploration company focused on New Zealand, is pleased to announce that it has made an oil discovery in a new sand reservoir at Puka 2 in the lower Mount Messenger “Mako” Sands.

Puka 2 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 this sand has an average oil saturation of 64%, porosity of 25.6% with MDT permeabilities in the order of 75 to 100millidarcies. These porosity and permeability values are amongst the highest recorded in Mount Messenger reservoirs to date. The fact of there being no indication of free gas or water within the sand package allows Kea to progress to casing the well and then to testing as soon as possible thereafter. 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 importance of the intersection of the lower Mako sands at Puka 2 cannot be overestimated. 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 Pukafield 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.”

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