It's a very good move back of a puka 3 duster . Kea will trade well in this after the news imennent on farm out talks and douglas drill let alone the new Shannon prospective .better load up all the way till 28th of November .
The Group is in the process of agreeing a bank facility in order to provide working capital and allow better management of cashflows from the sale of hydrocarbons. The facility has not yet been signed. Based on obtaining the bank facility, the directors have prepared operating forecasts which assume a minimum level of expenditure to conform with the requirements of the Group’s exploration licences for the next 12 months. These forecasts included significant projected revenue from the Puka wells, currently being tested for commercial production, that would, along with existing cash balances, fund the ongoing programs. These wells have been in production since early September 2013. The Group’s cashflow forecasts and projections include certain assumptions in relation to the level of future production and consequent revenues, which can vary due to possible fluctuations in both the oil price and foreign exchange rates. These forecasts demonstrate that the Group has adequate resources to continue in operational existence for the foreseeable future, well within the pending bank facility. The directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the group’s ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the annual report and accounts.
During the first half of 2014 a total of 13,565 Barrels of Oil were sold generating US$1,434,273 of revenue. These figures were achieved despite the shut in of Puka-2 due to mechanical failure of the downhole pump.
Kea also reported an improvement in oil production, up 48% from average daily production in the second quarter. As part of phase 1 of the MEO farm-in, the down-hole pump on Puka-2 was replaced. Following the resumption of production of Puka-2, combined production from Puka-1 and Puka-2 has been sustained at approximately 110 BOPD. The pump stroke rate and other parameters have been set conservatively and we believe that as long as no further issues are encountered production could be increased significantly.
you are absolutely correct what the industry talk is we are the world biggest gamblers and the funny think is only a fraction of dealers are capabel of making the profit rest is pure centimental attachment to ego. best retail aim guru david lenigas all ways says dont gamble aim shares on some one else money gamble on your money and patient is profit . and how true is with solo and lgo ........
production doubled moving forward and douglas is going to be drill ready .news drill farm out going to be liniment there are the positive , negative is the share price yes its oil and gas and its aim .kea is for longer-termers watch out for that farm out to discover the all important gas needed on that prospect , keep topping up good luck
First think this morning he did was sold all of his tesco shares and bought lots of oil billions of barrels of oil yes oil will be in the high in few month time
ct. 18 (BusinessDesk) – Canadian methanol producer Methanex has confirmed it will fund half the cost of an exploration well in Kea Petroleum’s offshore Taranaki licence area. The Mauku-1 well is in PEP381204, which is partly onshore and offshore in the northern Taranaki region, in an area previously known as the Felix prospect and recently renamed Mauku. Methanex is committing to half the cost of the 11 million British pound exploration in the hope of finding new gas sources to help run its methanol production plant at Waitara. Methanex will gain the rights to buy all gas discovered in the Mauku prospect at a price linked to the world price of methanol, while Kea will retain any light oil. Kea will also retain full ownership of the licence, allowing it to farm in other joint venture partners, as it has also previously signalled it will seek to do. "We believe the economic potential of a discovery at Mauku for both ourselves and Methanex, and for New Zealand, could be significant,” said Kea chairman Ian Gowrie-Smith in a statement to the London Stock Exchanges secondary board, AIM, where Kea is listed. “Also, we believe our upcoming shallow oil exploratory drilling could potentially have a considerable impact on Kea's near-term cash flow and balance sheet, at a manageable cost to the company." Kea and Methanex have assessed the potential for the area at unrisked recoverable resource of some hundreds of billion cubic feet of gas and several tens of millions of barrels of oil. Kea recently abandoned its first exploration well in New Zealand, in the onshore Taranaki Wingrove prospect and has been concentrating on Australian opportunities.
after all that kea bb is getting in order its very sunny over here i take it its very miserable weather over there
Industry partner discussion is taking place news is imennent on farm out .and we haven't talk about douglas drill as well Ian is getting two farm out deals and no cost to kea nd puka 1 and 2 producing and on bank debts out standing it's win win once we struck the deal good on you Ian. You have done it with rift you can do it again same management team that was in papua middle of the jungle this is in new Zealand.
Typical of back stabing when thinks won't go your way or don't won't to read the reality .muka2 will come good no one in aim is going to work for free with zero contracted hours it's British way of life .yes I can see puka from my back garden I am proud of it people like you invest in this part of the world and waiting for profit then if it dosent work out let's divide and rule don't work in this part of world any more .
happy to say my target is 1.5 mil shares as funds are free i am keep topping up .i have followed ian years papuva rift sale made my day we are not faroff , you have your opinion its a democratic country we live in muka 2 is going to be company maker /
Ian can't get a better deal than this if we can find gas I hope the structure they have identified have kea will be on a different league is share price good luck every one.
Absolutely .
Astra's Chief Executive Officer Stefan Olivier said: "In Nogal, we have found a well-connected and experienced partner with whom Astar can participate in the reopening Mexican energy sector. "The size of the opportunity is clear: Mexico is already a top 10 global oil producer and has huge quantities of untapped conventional and unconventional reserves. To develop these vast reserves requires foreign capital and expertise."
cleaver board signed the jv from oil and gas services group i guess the resons they may have some poerfolio of fields looking out for new money and technology and aim . and hope asta will pick the best resourses ...... and look out for some board changes with mexican ex ministers onboard this will be a blinder this mounth
beyond that is asta is very keen on delivering results from mexico is even interesting this one is going to land some projects i hope bp and shell may end up saking there executives and country managers in mexico i am not saying anytink more in this ,,,,, i said 2.5p yesterday saying again 4p not far,,,,,
Spread is less than 5% means mm need trades
People are paying ask now
It's up and