Maybe so , KEA's shollow play Wingrove -2 has already reached 262 mtres , anticipated to reach 320 by the weekend using a small rig. Plan to recommence drilling a week later with larger rig to TD of 1500, well completion by the end of April.
Six weeks or so later " Beluga -1 " well is expected to be commenced.
Methanex corporation of Canada has entered into an agreement with KEA to contribute up to US 10mill to Beluga -1 .
Beluga's best propective estimates by MBA are 446 BcF with condensate yield of 27 MMb. This is a comparable size to the adjacent Mangahewa and Pohokura gas fields.
KEA believe that even a small discovery will be commercial as they are 6kms away from pipeline that can supply the Methanex Methanol Plant.
RAW Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held