MEO Australia Limited, on behalf of its wholly owned subsidiary MEO New Zealand Pty Limited, advises that Kea Petroleum Limited, the Operator of PEP 51153, has executed a contract with Drill Force New Zealand Ltd for the drilling of Puka-3.
Puka-3 is targeting Mt Messenger formation sands at about 1,580m True Vertical Depth that have been interpreted from the recent 50 km2 3D seismic survey carried out in the south western part of PEP 51153. MEO has recently completed reprocessing of this survey to optimise the target location.
Preparations for Puka-3 are advanced with the well expected to spud in late July. Puka-3 will be drilled from the same well pad as the producing Puka-1 and Puka-2 wells. MEO will become entitled to a 30% share of Puka oil production upon completion of Puka 3.
MEO’s CEO and MD Jürgen Hendrich commented on the announcement:
“We are very pleased that the Operator has secured a suitable drilling rig and look forward to the successful drilling of the Puka-3 well.”
