New flotation this one...not sure what the market cap is, but has some interesting assets.....

Kea Petroleum reveals significant progress with drill programme
1:46 pm by Jamie AshcroftKea is on track to drill to total depth at both sites in the coming weeks



Kea Petroleum (LON:KEA) this afternoon said its drilling programme in New Zealand had made significant advances.

The company is working on the Mauku 1 well and the Puka 2 well.

It has also now gathered 50 square kilometres of 3D seismic across the onshore PEP51153 licence area. This was completed on schedule and on-budget, Kea said. And the findings are due in the second quarter of this year.

"We are delighted by the progress being made in our drilling work at Mauku 1 and at Puka 2, where we are on track to drill to total depth at both sites in the coming weeks,” said chairman Ian Gowrie-Smith.


“We are continuing to negotiate the farm out of Mauku and remain optimistic of signing an agreement in the near future.”


The initial onshore Mauku 1 well, in the Taranaki basin, was spudded earlier this month and, following the drilling and casing of the first 502 metres, drilling has now paused while a higher capacity rig is mobilised to the well site.

The Icelandic Drilling Odinn rig is due to arrive in around three weeks time, and it will then drill the well to a target depth of 3,400 metres – which is expected to take 40 days.

Mauku prospect is estimated to have prospective resources in the order of 485bn cubic feet of gas and 27mln barrels of associated liquids.

Meanwhile the Drillforce Rig 6 unit, which drilled the first 502 metres of Mauku 1, has now moved to the Puka 2 location, where drilling has now resumed from the surface casing point – work paused at Puka 2 to allow 3D seismic to be completed without interference.

Kea expects Puka 2 will reach in target depth by mid-February.

Another share riser today was New Zealand focused explorer Kea Petroleum (LON:KEA), which advanced 26.67%, after it confirmed a new oil discovery in the Puka 2 well.

It said that Puka 2 encountered 4.6 metres of reservoir sands - with a ‘vertical thickness’ of 3.3 metres – and analysis indicates that the discovery has some of the highest porosity and permeability measures recorded in the area to date.

Kea says it will case and subsequently test the discovery as soon as possible.

Oil explorer Kea Petroleum (LON:KEA) had news from New Zealand this week as it confirmed a new oil discovery in the Puka 2 well.

It said that Puka 2 encountered 4.6 metres of reservoir sands - with a ‘vertical thickness’ of 3.3 metres – and analysis indicates that the discovery has some of the highest porosity and permeability measures recorded in the area to date.

Kea says it will case and subsequently test the discovery as soon as possible

Kea Petroleum leaps after hitting oil

http://youtu.be/Z1gNTL4dAXU

Will hold these till the discovery results.

indeed then kerrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnngggggggggggggggggg!

Kea Petroleum extends New Zealand permit
Wed 20 Feb 2013

KEA - Kea Petroleum

Latest Prices
Name Price %
Kea Petroleum 10.12p -2.41%

FTSE AIM All-Share 754 -0.08%
Oil & Gas Producers 7,967 +0.55%

LONDON (SHARECAST) - Oil and gas company Kea Petroleum has extended the permit for the PEP 51155 in New Zealand.

The area covered by the permit was increased by about 9.0% to 286km2, allowing Kea to conduct exploration activities over the Hickman lead.

The company is planning to acquire about 58km of 2D seismic over the Hickman lead, identified as an Alliance Project.

Hickman is partially funded by Methanex under the pre-existing Alliance Agreement between Methanex and Kea.

“The Hickman lead is a large sub-thrust feature that lies between the current Kea Mauku 1 well currently being drilled on PEP 381204 to the North and the Mangahewa field to the South, which addresses a mean possible recoverable resource of 173bn cubic feet of gas and 6.0m barrels of condensate as per management's conservative estimates,” the group said in a statement.

Shares fell 2.41% to 10.12p at 10:00 Wednesday.

SM - Shares in the Aim-quoted explorer have gained 36% since it announced (14 Feb) the find meant it could ‘look forward with confidence to an early and substantial cash flow’. A flow test on Puka-2 would offer confirmation of this potential and is expected in the near term.

The £55.9 million market cap is set this year to drill as many as seven more wells in the region, the most high profile of which will test the Mauku prospect. House broker WH Ireland estimates this alone could be worth as much as 54.2p a share if successful.

Kea is in the process of attempting a farm-out of Mauku. Having raised £7 million in a placing earlier this year, and with £6.6 million of cash already on its balance sheet, it should be fully funded for its 2013 plans regardless.

Yesterday, Kea Petroleum announced that it was granted an extension to the permit for the PEP 51155 area in New Zealand. The area covered by the permit has increased by around 9% up to 286 sq km. This allows Kea to explore the Hickman lead which had been interpreted to extend beyond the previous boundary. Planning work is now underway for a 2D seismic programme to assess the Hickman prospect. This is being carried out through Kea’s pre-existing Alliance Agreement with Methanex, which is partially funding the work. The Hickman lead is a large sub-thrust feature that lies between the current Mauku-1 well being drilled on PEP 381204 to the North and the Mangahewa field to the South, which addresses a mean possible recoverable resource (P50) of 173 billion cubic feet of gas (bcf) and 6 million barrels of condensate as per management’s conservative estimates.

Our view: Kea’s latest announcement of extension to the permit at the PEP 51155 area in New Zealand is very encouraging given the high prospectivity at the Hickman lead. This news comes close on the heels of a slew of positive announcements from Kea. Only last month, Kea confirmed a new oil discovery in the Puka 2 well. This deeper working petroleum system augurs well for the wider prospectivity of the basin, where 6-8 wells are planned through the course of this year. Analysis shows that the discovery has some of the highest porosity and permeability measures recorded in the area to date. Puka 2 would be likely to have much better flow rates than Puka 1 and Kea can now expect an early and substantial cash flow. At the Mauku prospect, which is estimated to have prospective resources to the tune of 485 bcf of gas and 27 million barrels of associated liquids, negotiations are ongoing to farm out the prospect and Kea remain optimistic of signing an agreement in the near future. Kea is fully funded through 2013, with existing cash of £6.6m on the balance sheet and an additional £7m in equity finance, recently raised. Given this strong pipeline of prospects, we are optimistic of Kea achieving its production growth targets, resulting in a meaningful upside to the stock. We maintain a Speculative Buy on the company.




http://www.proactiveinvestors.co.uk/columns/hb-markets/12177/hb-markets-breakfast-today-including-kea-petroleum-rexam-and-rsa-insurance-group-12177.html

Up 6%

Recovered from yesterday.

self-explanatory ....

Cynic, these recovery shares are making money. :-))

on that nonsense logic, i take it you bought a slab of these in mid 2010 when they previously crashed and have now bought AVM too

lol, Nonsense thats fine with me. Not interested in 2010 :-))

of course not; you have the benefit of both 20/20 hindsight and foresight and thus know when a share absolutely cannot fall further

Have you got your computer upside down, mine shows this share rising at a pace .
Just waiting for the flow test on Puka-2. :-))

i see a 5 year chart!

You sound like Mystec Meg , Joking aside I know what you mean . I may well sell on the results.

Mauku Drilling and Puka Testing Update
RNS
RNS Number : 6585Y
Kea Petroleum PLC
26 February 2013



For immediate release
26 February 2013




Kea Petroleum plc

("Kea" or the "Group")



Recommencement of Mauku Drilling and Puka Testing Update



Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand, is pleased to announce drilling at Mauku and the completion of drilling prior to testing at Puka.

Mauku Drilling

The Icelandic Drilling Odinn rig has commenced drilling operations at Mauku. Mauku 1 was spudded in January 2013 using Drillforce rig 6 to drill surface hole to a depth of 507m prior to running 13 3/8" surface casing and suspending the well. Odinn has been moved onto the site and rigged up over the past three weeks and has re-entered the well in preparation to drilling ahead.

Mauku is being drilled to a planned total depth of 3,400m and drilling is expected to be completed in April. Half of the cost of the well is being funded by Methanex as part of the Alliance Agreement between Kea and Methanex.

Kea has been involved in extensive farm-out discussions with numerous parties. Although two of these parties have elected not to farm-in, talks are still continuing with multiple parties who have expressed an interest in participating in the well. However given the advanced status of the well, it will be difficult to conclude the negotiations within the project time constraints.

Puka 2 Testing

Drilling operations have concluded at Puka with the completion string installed and the well perforated in preparation for testing. Now that the drilling rig has been demobilised from the Puka location preparatory earthworks and the assembly of surface test equipment, tanks and oil transfer equipment can commence.

Testing of Puka 2 is expected to begin in mid-March and will run for between 30 and 45 days.



Ian Gowrie-Smith, Chairman of Kea Petroleum, commented:"It is with a mixture of excitement and trepidation that we look forward to the drilling of Mauku. In the event of success, the impact of owning 100% of Mauku would be transformational for Kea given that the Board estimates the upside potential prospective resource (P10) to be 1,031 billion cubic feet of gas and 61 million barrels of condensate (oil).

"Using the cash flow we expect from the Puka field, the Company will continue to develop some of the large prospective deposits in our extensive acreage within the Alliance Partnership with Methanex."

This release has been approved by non-executive director Peter Mikkelsen FGS, AAPG, who has consented to the inclusion of the technical information in this release in the form and context in which it appears.

P10 indicates at least a 10% probability that the quantities recovered will equal or exceed the estimate. This is a measure of uncertainty not geological or commercial risk