Oil field discovery
The discovery of another oil field in Taranaki has been confirmed by Kea Petroleum.
Flow-testing at Kea's onshore Taranaki Puka-1 exploration well showed the oil and gas resevoir is large enough for the company to drill commercially.
There was a maximum flow rate of 310 barrels of oil and 1.8 million cubic feet of gas per day and initial data from downhole pressure gauges observed no confining boundaries.
A second well, Puka 2, will be larger to allow higher flow rates and flexibility and the Wingrove production facilities will be moved and installed at the site while the new well is drilled so production can begin at both wells as soon as possible.
In a statement, Kea chairman Ian Gowrie-Smith said the company was pleased with the find.
"'We are delighted that the latest oil and gas flow and down hole pressures data have led to the
conclusion that the Puka discovery is indeed a commercial oil field discovery. The commitment to
drill Puka 2 and the move of Wingrove production facilities to the Puka production site emphasises
our intent to convert this discovery into a cash flow as soon as possible"
Long lead items have been bought so the comany can undertake a Puka 3D seismic survey over the summer to assist with locating future drilling targets.
Taranaki Daily News