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Kea Petroleum seeking partners for Puka

Kea Petroleum (LON:KEA) is to assess strategic alternatives that will enable shareholders to maximise full value from the Puka fields in New Zealand.

The company revealed it has received some interest from a number of larger companies that are interested in participating in the development of Puka, and some of Kea’s other exploration prospects.

Kea said on Tuesday morning that combined total flow rates at Puka 1 and Puka 2 have stabilised at around 200 barrels of oil per day and 2.4 million cubic feet per day of gas.

Testing operations are continuing at Puka with both Puka 1 and 2 wells undergoing periods of flow and build-up over the past two and a half months. As a result of test analysis, and to reduce issues associated with wax formation affecting flow, artificial lift was recently installed on Puka 2, Kea said.

The company said both wells have been dogged by numerous issues that have hampered attempts to reach anticipated flow rate levels. Kea is currently undertaking further analysis of well data and seismic interpretation, in addition to ongoing work on a field development plan, and currently anticipates drilling a third appraisal well, Puka 3, in the first quarter of 2014.

Meanwhile, the company has elected not to extend the term of its onshore PEP51155 permit along the Eastern Margin of the Taranaki Basin in New Zealand for a further five years.

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