Kea Petroleum reported that the Puka-1 exploration well in the PEP51153 license area in onshore Taranaki spudded on March 24, 2012, and has already run and set surface casing to 1,007 feet (307 meters).

It is anticipated that the well will be drilled to a total depth of 5,085 feet (1,550 meters) by early April 2012, and will test for oil in the Miocene aged Mount Messenger Sands.

In the event of success, Kea's gross recoverable resource is estimated to be approximately one million barrels, with a potential upside of up to three million barrels.

Tags: Kea Petroleum