Kea Petroleum Provides Farm-out and Operations Update

Source: www.gulfoilandgas.com 2/11/2014, Location: Not categorized

Kea Petroleum plc, the oil and gas company focused on New Zealand, announces an update on progress with the farm-out of PEP 51153 and on production at Puka.

Farm-out of PEP 51153
Subsequent to the announcement in December 2013 that Kea had signed a Heads of Agreement (HoA) that, subject to closing, would result in a staged farm-out of an interest in PEP 51153, including the Puka discovery, Kea confirms that the process of final due diligence is ongoing and conclusion is expected during Q1 2014.

The HoA envisages a staged farm-out whereby Kea will be funded through an appraisal of Puka with one firm well and up to three further wells, fully funded by Kea's partner.

Puka Production
During the current extended well testing phase a total of 13,791 Barrels of Oil was sold in the 4th quarter of 2013 generating US$1,226,602 of revenue.

During January a further 2,532 Barrels of oil were produced. However Puka 2 production has been significantly reduced due to mechanical failure of a down hole pump. Continued pressure buildup during the shut-in period confirmed the productive capacity of Puka 2 and planning is underway to make necessary repairs to the down hole equipment. It is expected that the repairs will be completed and that production will recommence during March 2014.

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.


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