Kea Petroleum, the operator of PEP 51153, completed the Puka-2 workover component of Phase 1 of the farm-out agreement with MEO New Zealand.
Phase 1 is intended to boost existing production and assist future field appraisal. It includes the workover of Puka-2 and the drilling of a new well, Puka-3, from the existing pad. The total NZ$5 million funding for Phase 1 has been received from both parties.
Preparations for drilling Puka-3 are well advanced with operations are expected to begin early in the 3rd quarter subject to rig availability and operational constraints. MEO will become entitled to a 30% share of Puka oil production upon completion of Puka 3.
MEO’s CEO and MD Jiirgen Hendrich commented on the announcement: “We are pleased that the Puka-2 workover has been successfully completed on time and on budget and look forward to the imminent drilling of Puka-3.”
Press Release, June 13, 2014; Image: Kea Petroleum