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kea petroleum plc (K7P) Snapshot

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€0.0040
Previous Close
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Day High
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Day Low
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52 Week High
09/3/13 - €0.04
52 Week Low
02/17/14 - €0.0010
Market Cap
3.6M
Average Volume 10 Days
0.0
EPS TTM
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Shares Outstanding
889.9M
EX-Date
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Current Stock Chart for KEA PETROLEUM PLC (K7P)

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kea petroleum plc (K7P) Details

Kea Petroleum plc explores for oil and gas in New Zealand. The company holds interests in various petroleum exploration permits (PEP), including the PEP 51153 that covers an area of 210.8 square kilometers; the PEP 381204, which covers an area of 252.25 square kilometers; and the PEP 52333 covering an area of 232.5 square kilometers located on the Taranaki basin of New Zealand. Kea Petroleum plc was incorporated in 2009 and is based in London, the United Kingdom.

17 Employees
Last Reported Date: 11/5/13
Founded in 2009

kea petroleum plc (K7P) Top Compensated Officers

Finance Director and Executive Director
Total Annual Compensation: 162.0K GBP
Executive Director
Total Annual Compensation: 44.0K GBP
Compensation as of Fiscal Year 2013.

kea petroleum plc (K7P) Key Developments

Kea Petroleum PLC Announces Drilling Update on Puka-3 Well

Kea Petroleum plc announced that Puka-3 well is being plugged and abandoned after reaching a depth of 2,200mMDRT. The wireline logging encountered a thicker than expected Mount Messenger reservoir section of 30mMD, however the sands were predominantly water wet. An oil water contact was interpreted in the upper part of the sands, significantly shallower than prognosed. The quality of the sands above the contact was deemed not to be commercial and the well will not be completed as a producer. Puka-3 was a component of Phase I of the farm-in between Kea and MEO Australia Limited, and was drilled as a deviated well approximately 1,475m to the North of the surface location and approximately 500m from the producing Puka-2 well. Elevated mud gas readings were observed while drilling. Three suites of wireline logs were run including borehole image logs and formation pressure testing. Fluid sampling was not attempted due to the deviated nature of the well. Under the farm-in agreement MEO is entitled to 30% of Puka production following the completion of Puka-3, and has up to six months in which to evaluate the data before making a decision on Phase II of the farm-in agreement. An updated reservoir assessment will be made following further evaluation and interpretation of all information gained from the drilling and logging programs.

Kea Petroleum PLC Announces Drilling of Puka-3 Update; Reports Production Results for the First Half of 2014

Kea Petroleum plc announced the following update on the drilling of Puka-3 and on production from Puka-1 and Puka-2. PUKA-3 well progress: The Puka-3 appraisal well was drilling ahead at a depth of 839m, at 6:00 am New Zealand time on July 31, 2014, following casing at 379m depth. The well is being drilled to a True Vertical Depth of 1,580m (2,280 mMDRT) and is targeting a structure identified by the recent 50 square kilometres of 3D seismic shot by the company, and confirmed by reprocessing the data by the company’s joint venture partner, MEO. Puka-1 and Puka-2 were drilled on the basis of 2D seismic data only and now appear to have been drilled on the edge of the Puka field whereas Puka-3 is being diverted approximately 1,475m to the North to target a thicker sand development with a view to increasing accessible net pay from the well. Total depth is expected to be achieved around mid-August. PUKA-1 & 2 production: The company is also to report an improvement in oil production, up 48% from average daily production in the second quarter of 2014. As part of Phase 1 of the MEO farm-in, the down-hole pump on Puka-2 was replaced. Following the resumption of production of Puka-2, combined production from Puka-1 and Puka-2 has been sustained at approximately 110 BOPD. The pump stroke rate and other parameters have been set conservatively and believe that as long as no further issues are encountered production could be increased significantly. The permanent pipework servicing production from Puka-1 and Puka-2 wells has now been installed and completes a further part of the MEO New Zealand Pty Ltd. Phase 1 joint venture obligations. During the first half of 2014 a total of 13,565 Barrels of Oil were sold generating USD 1,434,273 of revenue. These figures were achieved despite the shut in of Puka-2 due to mechanical failure of the downhole pump.

Kea Petroleum PLC Announces the Signing of a Contract with Drill Force New Zealand Ltd

Kea Petroleum PLC announced the signing of a contract with Drill Force New Zealand Ltd. to enable the drilling of Puka-3 using Drill Force's Rig-6. Site preparations are progressing and the spud date is expected to be in late July 2014. Puka-3 is targeting Mt Messenger formation sands at about 1,580m Total Vertical Depth that have been interpreted from the recent 50 square km 3D seismic reflection survey carried out in the south western part of PEP 51153. The drilling of Puka-3, from the same well pad as the producing Puka-1 and Puka-2 wells, is an important component of Phase 1 of the farm-out agreement with MEO New Zealand Pty Limited, which is intended to boost existing production and assist future field appraisal.

 

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