Kea Petroleum unveils successful results from oil testing at Puka 2

Kea Petroleum reported 'excellent' results on Monday from initial oil production testing of the Puka 2 prospect in New Zealand.

The well achieved an initial flow rate of 719 barrels of oil per day (bopd) with an associated gas flow rate of 0.419m cubic feet per day (mmcfd) and no water.

The first shipment of oil was dispatched on March 31st. Well production has been suspended until April 14th to establish initial pressure build up.

"We are delighted with these results - a headline flow rate at Puka 2 in excess of 700 bopd with no water production is excellent," said Chairman Ian Gowrie-Smith.

"We intend to proceed as quickly as possible in commissioning the production facilities and in further developing the Puka field. Kea is now on the threshold of generating a significant revenue stream from Puka. Combined with imminent results from drilling at Mauku, these are exciting times for the company."

Kea also said drilling at the Mauku project had reached 2,709 metres of the total depth of 3,400 metres which is expected to be completed within 10 days.

Shares climbed 2.38% to 10.75p at 14:07 on Monday.

RD