Kea Petroleum PLC Approval of New Work Stage at Mauku (3463U)
October 15 2014 - 02:01AM
UK Regulatory
TIDMKEA
RNS Number : 3463U
Kea Petroleum PLC
15 October 2014
For Immediate Release 15 October 2014
Kea Petroleum plc
("Kea" or the "Company")
Approval of New Committed Stage of Work Programme
and Part Relinquishment of Area
Kea Petroleum plc (AIM: KEA), the oil and gas company focused on
New Zealand, is pleased to announce that on 10 October 2014, New
Zealand Petroleum & Minerals (NZP&M), the government oil
and gas regulatory agency, approved a new committed stage of the
work programme in respect of Petroleum Exploration Permit 381204.
The permit is located part on shore and part off shore in north
Taranaki.
Kea drilled Mauku-1 on PEP381204 during Q2 2013. Mauku-1
intersected good quality Mangahewa "C" sands (161m net thickness)
in a sub-thrust target. The sands were water wet.
Remapping of the seismic data, and 123 km of new pre-stack depth
migration post Mauku-1, shows the well was drilled significantly
down dip of a 20 km(2) structural closure at Mangahewa level, and
shows a larger closure at mid-Cretaceous Taniwha formation
level.
The new work programme comprising 15 km of 2D land based seismic
reflection data will extend the data coverage over the 20 km(2)
structural closure at Mangahewa level. This will help to define a
better well location. Kea is in discussion with potential industry
partners to farm-out the Mauku prospect.
PEP51153
On 13 October 2014 NZP&M accepted Kea's notice of surrender
of Area A of Petroleum Exploration Permit 51153. Kea, with JV
partner MEO New Zealand Pty Limited, determined that prospectivity
in the 19.787 km(2) area was insufficient to justify further
exploration expenditure. The larger Area B (84.673 km(2) ) around
the Puka production site has been retained.
Ian Gowrie-Smith, Chairman of Kea, commented: "We are pleased to
have come to an agreement with NZP&M that eliminates the need
to commit to and finance the drilling of Mauku-2 during the coming
12 months and replaces it with a relatively inexpensive seismic
programme. Since the drilling of Mauku, Kea and Methanex have
carried out a substantial PSDM programme and remapped a very
exciting structure to the North East of Mauku-1. The seismic
programme should help clarify this prospect further and give the
Company additional time and ammunition to find a farm-in partner.
Kea always envisaged that Mauku-1 would need to be drilled to
enable the structure to be accurately defined."
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.
For further information please contact:
Kea Petroleum plc Tel: +44 (0)20 7340 9970
David Lees, Executive Director
WH Ireland Limited (NOMAD) Tel: +44 (0)20 7220 1666
James Joyce
James Bavister
Buchanan Tel: +44 (0)20 7466 5000
Mark Court
Sophie Cowles
Notes to Editors
Kea Petroleum is an AIM listed oil and gas exploration company
with interests in three petroleum exploration permits in the
Taranaki Basin of New Zealand. Kea listed on the London AIM market
in February 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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