News has been released by KEA that Phase 1 of the PEP 5153...

News has been released by KEA that Phase 1 of the PEP 5153 farmout commenced 2nd June and the Puka-2 stage has been completed:

RNS - Puka work over

The pump was replaced and the well is back in production. No flow rates have been published but we may hear more from MEO.

To complete Phase 1 of the farmin Meo still has to undertake:

. a similar work over on Puka-1 to restore productive capacity
. test two intervals in the suspended Douglas-1 well, using the same workver rig, before P&A the well.
. drill a new well, Puka-3, from the same well pad as the producing Puka-1 & 2. Puka-3 will be a deviated well to test a potential sweet spot identified on 3D seismic

At the end of Phase 1 MEO will earn a 30% interest in the Puka field production which, fingers crossed, could increase to 500bpd in a success case. The Puka field is estimated to contain between 3.0 Mbbls (2c) and 10.1 Mbbls (3C).

Source - MEO Farm-in document 7 April 2014

Phase 1 was expected to commence prior to the end of June 2014 so MEO are not hanging about.

#:>))