A dampening result for Puka
Tuesday, Aug 19, 2020

Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand,announces that Puka-3 well is being plugged and abandoned after reaching a depth of 2,200mMDRT. The wireline logging encountered a thicker than expected Mount Messenger reservoir section of 30mMD, however the sands were predominantly water wet. An oil water contact was interpreted in the upper part of the sands, significantly shallower than prognosed. The quality of the sands above the contact was deemed not to be commercial and the well will not be completed as a producer.

Puka-3 was a component of Phase I of the farm-in between Kea and MEO Australia Limited, and was drilled as a deviated well approximately 1,475m to the North of the surface location and approximately 500m from the producing Puka-2 well. Elevated mud gas readings were observed while drilling. Three suites of wireline logs were run including borehole image logs and formation pressure testing. Fluid sampling was not attempted due to the deviated nature of the well.

Under the farm-in agreement MEO is entitled to 30% of Puka production following the completion of Puka-3, and has up to 6 months in which to evaluate the data before making a decision on Phase II of the farm-in agreement.

An updated reservoir assessment will be made following further evaluation and interpretation of all information gained from the drilling and logging programs.

Ian Gowrie-Smith, Chairman of Kea, commented: “We are disappointed with the result of the Puka-3 well, however the data we have recovered will be used to plan development of the Puka field and allow us to devise a suitable program moving forward.” 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 more information, please visit: http://www.meoaustralia.com.

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