For Immediate Release
13 July 2010
Kea Petroleum plc
("Kea" or the "Group")
Tuatara-1 Expected to Spud Before End of July
Kea Petroleum plc is pleased to announce that the Tuatara-1 well, which Kea farmed into on 18 May 2010 by obtaining a 10% participating interest, is expected to spud before the end of July. The operator, AWE New Zealand Limited, a subsidiary of the Australian Stock Exchange (ASX) listed company AWE Limited, has confirmed that its Kan Tan IV rig is making good progress on its current well, Kahu-1, which is situated near the Tui oil field where the Tuatara-1 well is situated. Once drilling is completed at Kahu, the rig is expected to move around 27th July to the Tuatara prospect in PEP 38524. Any additional drilling or testing on Kahu in the interim would cause this date to slip.
The Tuatara structure is a simple 4-way dip closure with a clear DHI (direct hydrocarbon indicator), which compares favourably with the Maari Field. Based on that field, mid case resources of 80 mmbo have been estimated. The well will be located in approximately 50 metres of water about 15 km from the coast and 30 km from the town of Nelson near the northern end of New Zealand's South Island. The total depth of the well is 2,000 metres, so that drilling should be fairly rapid and the results known before the end of August.
Partners in PEP 38524 (Tuatara-1) are:
AWE (operator): 65%
Roc Oil: 15%
Kea Petroleum: 10%
Carnarvon Petroleum: 10%
Kea Chairman Ian Gowrie-Smith said:
"We are excited about the prospectivity of this acreage and to test it with drilling Tuatara. The combination of drilling Wingrove 2 , Beluga and Tuatara in quick succession has certainly seen Kea off to a busy start since our IPO earlier this year. We hope to hear shortly whether the company has been successful in acquiring additional acreage in the Taranaki basin of New Zealand we consider very important in the near future. Should we be successful with Tuatara it would certainly be of great significance to this company and we look forward to getting on with the drilling"
Please click on the PDF link below which contains a map detailing the location of Tuatara-1 and a related geological chart.
For further information please contact:
Kea Petroleum plc Tel: +44 (0)20 7340 9970
David Lees, Executive Director
RBC Capital Markets Tel: +44 (0)20 7653 4000
Matthew Coakes / Brett Jacobs / Daniel Conti
Martin Eales (NOMAD)
Buchanan Communications Tel: +44 (0)20 7466 5000
Tim Anderson / James Strong
Notes to Editors:
Kea Petroleum is an AIM listed oil and gas exploration company with three petroleum exploration permits in Taranaki and Northland Basins of New Zealand. Kea listed on the London market in February 2010.