Kea Petroleum well tests delayed by rain

Tuesday 31st July 2012

Kea Petroleum, the London-based oil and gas explorer, has delayed testing on its Puka 1 well in Taranaki because of heavy rain over the past month, and has appointed Richard Parkes as managing director of its New Zealand operations.

The company has completed road upgrades and civil work needed to enable its testing, and expects the initial flow at the well to kick off next week, it said in a statement. The testing programme is expected to last a month, and will be appraised once it's completed. Kea estimates the well has a gross recoverable resource of one million barrels with potential upside of as much as three million barrels.

Kea named Parkes as its new MD of the New Zealand operations. Parkes has held technical and senior management roles with companies such as PetroFrontier, Santos and GeoServices, Kea said.

The shares, which trade on the London Stock Exchange's AIM platform, closed at 7 pence yesterday, valuing the company at 35.7 million pounds.

BusinessDesk.co.nz

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