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

Kea Petroleum delighted with Puka 2 test results
By Philip Whiterow April 08 2013, 8:41am The well achieved an initial oil flow rate of 719 barrels of oil per day.The well achieved an initial oil flow rate of 719 barrels of oil per day.



Kea Petroleum’s (LON:KEA) second well on its Puka field in New Zealand has produced strong flow results in its initial testing period.

The well achieved an initial oil flow rate of 719 barrels of oil per day (BOPD) with an associated gas flow rate 0.419mln cubic feet per day (MMCFD) on a 22/64" choke over the initial 12 hour flow period.

Ian Gowrie-Smith, Kea Petroleum’s chairman, said: "We are delighted with these results - a headline flow rate at Puka 2 in excess of 700 BOPD with no water production is excellent. We intend to proceed as quickly as possible in commissioning the production facilities and in further developing the Puka field.

Well production has now been temporarily halted until Sunday 14 April to establish initial pressure build up.

The current test programme will see a 45 day main flow period followed by a build-up period before continuous production can begin.

Puka 2’s oil is similar to Puka 1, but has considerably better production characteristics with a low gas oil ratio and higher oil flow rates, Kea added.

Commissioning of the Puka production station is expected during the shut-in period of the Puka 2 test. Kea anticipates bringing Puka 1 online in the latter stages of the Puka 2 test to determine optimum production rates from the two wells.

Elsewhere, drilling at the Mauku 1 exploration well has reached 2,709m. The total depth is expected to be 3,400 metres which, on current expectations, should be reached in 7-10 days, added the company.

"Kea is now on the threshold of generating a significant revenue stream from Puka. Combined with imminent results from drilling at Mauku, these are exciting times for the company," said Gowrie-Smith.

dc kea appears as if it might bounce back imminently are you still in here?

No gibby closed the doors on this one. All the best and hope it does well for you.

thanks dc - well I reckon we have blue times ahead here might be worth putting back on the radar.........

http://www.proactiveinvestors.co.uk/companies/news/61829/kea-petroleum-shares-could-be-revived-by-a-farm-out-deal-61829.html

Kea Petroleum shares could be revived by a farm-out deal
By Jamie Ashcroft October 04 2013, 3:46pm Puka currently produces around 200 barrels per day, and at this level the operation breaks even.Puka currently produces around 200 barrels per day, and at this level the operation breaks even.

Kea Petroleum’s (LON:KEA) downtrodden shares could be set for a revival if a deal can be agreed to continue the development of the Puka oilfield in New Zealand.

A strategic review of the project was launched in September, and chairman Ian Gowrie-Smith has revealed to Proactive Investors that Kea has received ‘all sorts’ of approaches, including offers to buy the entire field.

He says, however, that the best option for the company will be decided in the coming weeks.

A ‘farm out’ or partnership deal is understood to be the most likely outcome. The small cap oil producer has been in talks with larger companies for some time and a transaction could be agreed before the end of October.

The support of a new partner would allow two more wells to be drilled to lift production and get the field development back on track.

Puka currently produces around 200 barrels per day, and at this level the operation breaks even.

The two additional wells, with an estimated combined cost of around US$5mln, are expected to increase the field’s production above the 500 barrel a day marker, which would make further development of the Puka field ‘self funding’ thereafter.

Well location is believed the reason for the lower than anticipated output. Interpretation of 3D seismic suggesting the Puka site is on the fringe of the main oil system.

But, more wells on the same location using the already developed infrastructure, remains a compelling option for the company.

“The economics of exploiting this field really requires us at a very minimum to put in Puka 3 and Puka 4, and put them in as soon as possible,” Gowrie-Smith said.

“We now have a production station that can house between one and six holes. The operating costs are basically fixed regardless of the number of holes. You need those facilities if you’re operating one hole or six. So the economics for Puka 3 and 4 are compelling.”

“Puka 1 and 2, at 200 barrels a day, allows the company to break even, but it is not enough to progressively develop the field. So we need to get a kickstart.”

Gowrie-Smith says ‘quite a number companies’ are interested in the asset and he believes Kea will be able to ink a deal in the ‘reasonably near term future.’

The first priority for Kea and its patient investors must be on securing sufficient cash for the next two wells.

Gowrie-Smith is confident a transaction will be agreed.

Once a deal is in place and funds are available to commit to drilling the project could move forward fairly quickly - rig availability is not a problem, no additional consent is required by the authorities and minimal site preparations are needed.

As such, drilling could start early in 2014, and Gowrie-Smith reckons the turning point for the shares will come with the confirmation that the drilling of Puka 3 and 4 can proceed.

He also says the sharp 60% share price fall since September’s production update was an over-reaction, with the understandable investor disappointment being exacerbated as one institutional shareholder sold out of a position – believed to be in the order of 14mln shares.

“It triggered a degree of nervousness among the larger pool of investors, who didn’t understand that this fall wasn’t from mass levels of unhappiness with the information [in the company’s update] but rather from one institution deciding to withdraw from small cap stocks.”

in other words news imminent on farm out + other bits and bobs

hopefully news around 2pm today

Recovering well over the last week, in the top 10 risers each day.

Closed up 27%

RNS out. Farmout deal will complete 'within seven days'. game changer!

Closed up 40.24%

duster! opportunity beckons perhaps...............................

A fall to 1.3p I expect.

mitzy smashed through 1p now bouncing absolute bargain got me some real cheap hope you did likewise - still cheap
gl

Off 70% today not good.

Off another 10% this morning.

Australian subsidiary suspended until well results, got out then with a profit £ 500
a lot of oil in n Zealand providing you have the right place its bubling to the surface so say American tip sheet

tanking again mitzy gl

well done black bird

wonder how far this will drop before bottom

Heavy faller.