TIDMKEA

RNS Number : 1386C

Kea Petroleum PLC

14 January 2015

 
 For Immediate Release   14 January 2015

Kea Petroleum plc

("Kea" or "the Company")

Operational Update

Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand, announces that it has shut in production at its Puka site in Taranaki.

Over the last few weeks, Kea has been working hard to resolve mechanical problems with the Puka-1 well, while continuing to produce from Puka-2. Unfortunately the problem cannot be resolved with the equipment currently available. An alternative longer term plan is under consideration however given the current oil pricing environment, the Board has decidedthat the site is shut in until the economics of continued site operations improve.

The Company is continuing to work with potential farm in partners for its Mercury, Mauku and Shannon prospects in PEPs 52333, 381204 and 51153 respectively.

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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