Kea has reported that a drill has been contracted to spud Puka-3 in late July.
LSE Alliance news
The report also states that: 'Now that phase 1 is finished, MEO can elect to earn a further 20% interest in the site within six months, through a further payment of NZD7.5 million which will be used for a second phase on site.'
This may not be correct as MEO's farmout agreement states that Phase I will be completed after:
MEO also states that: 'within 6 months of completing Phase I, MEO can elect to increase its participating interest to 50% of the project by funding NZ$7.5m of the indicative Phase II work program.
- The workover of Puka-1 and Puka-2
- Testing of the suspended Douglas-1 exploration well and
- Drilling Puka-3
MEO's farmout agreement release.
All that has been reported is the completion of the Puka-2 workover which is back in production. In this release it also states that MEO will be entitled to a 30% share of Puka oil production on completion of Puka-3'.
Puka-2 workover update
To confuse things even more in the Kea farmout document it states:'Upon assessment of the results of Phase 1, MEO can elect within 6 months to earn an additional 20% participating interest in the Permit by funding NZ$7.5m of a NZ$9m second phase work program ("Phase 2")'.
Kea's farmout release
Hopefully MEO will clarify the situation when it confirms the Puka-3 rig contract to the market.
#:>))
- Forums
- ASX - By Stock
- Puka-3 to spud in late July
Kea has reported that a drill has been contracted to spud Puka-3...
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)