25 May 2012

Kea fears 'reduced potential'

21/06/2010 Robert Tyerman

Oil hopeful Kea Petroleum warns logging at its Beluga-1 well in New Zealand could suggest ‘reduced reservoir potential’ than previously suggested.

The AIM newcomer, chaired by veteran antipodean entrepreneur Ian Gowrie-Smith, says logs conducted over the past few days after drilling down to 4,100 metres to the main Tariki Sands target indicates the reservoir potential could be lower than suggested in February’s ‘Competent Person’s Report’ by MBA Petroleum Consultants. Kea is preparing to flow test Beluga and says that could still prove it is commercially viable.

Gowrie-Smith says ‘whilst the intersection of this particular well…may prove sub-optimal, it is nonetheless encouraging that the Tariki Sands appear to be gas charged’. Floated on AIM this year at 8p, Kea shares hit 31p at one point, but are 9.5p (33 per cent) down today at 19.5p.

Tags: AIM, Commodities

Sector: Oil & Gas Producers

Companies: Kea Petroleum

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