Kea Petroleum delays Puka 1 tests, names Parkes as NZ boss
The well has a gross estimated recoverable resource of one million barrels, with a potential upside of as much as three million barrels.
BUSINESSDESK: London-based oil and gas explorer Kea Petroleum 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 start next week, it said. The testing programme is expected to last a month and will be appraised once it is completed.
Kea estimates the well has a gross recoverable resource of one million barrels, with a potential upside of as much as three million barrels.
It named Parkes as its new MD of the New Zealand operations. Mr Parkes has held technical and senior management roles with companies such as PetroFrontier, Santos and GeoServices, Kea said.
Kea shares, which trade on the London Stock Exchange's AIM platform, closed at 7 pence yesterday, valuing the company at £35.7 million.
Paul McBeth
Tue, 31 Jul 2012
Tue, 31 Jul 2012
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Kea Petroleum delays Puka 1 tests, names Parkes as NZ boss
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