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Kea announces Taranaki commercial oil find
Published: 10:57AM Tuesday September 25, 2012 Source: BusinessDeskLondon-based New Zealand oil and gas explorer Kea Petroleum has announced a commercial oil discovery following flow-testing at its onshore Taranaki Puka-1 well, and is to commence a second well quickly to produce early cashflow.
Listed on the secondary AIM board, Kea said Puka-1 had produced a maximum flow rate of 310 barrels of oil per day and 1.8 million cubic feet of gas daily, with a testing programme now determining the best production arrangements for future field performance.
Meanwhile, planning for Puka-2 is well-advanced, and will be a larger capacity rig to allow higher flow rates and greater production flexibility.
The company's Wingrove production facilities will be moved to the Puka site to allow production from Puka-1 to occur without delay following completion of the main build-up phase of the current test, the company said in a statement lodged with the AIM exchange.
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Not much more at http://tvnz.co.nz/business-news/kea-announces-taranaki-commercial-oil-find-5102154
