Kina Petroleum Limited hereby provides an update on progress of the Raintree-1 exploration well in PPL 337.
At 8.00 a.m. on 4 June 2015 the well was at a total depth of 1,150 metres. Logging runs have been completed which confirm that the objective section contains volcanic/igneous formations and does not host hydrocarbons.
Data from the logs, along with geological results from drilling and review of seismic data indicate that all formations of interest have been intersected. Drilling operations have therefore ceased and the well will be plugged and abandoned.
The rig expected to be released at the end of this week at which point mobilisation to the Kwila-1 site will commence. Movement of the rig, camp and associated equipment to Kwila-1 is expected to have concluded by the end of June with Kwila -1 expected to spud in late June/early July.