KEA.L Regulatory News (KEA)

For Immediate Release 11 June 2014

Kea Petroleum plc

("Kea" or the "Company")

Puka Workover

Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand, is pleased to announce the completion of the Puka-2 workover component of Phase 1 of the farm-out agreement with MEO New Zealand Pty Limited ("MEO"). 

Phase 1 is intended to boost existing production and assist future field appraisal. It includes the workover of Puka-2 and the drilling of a new well, Puka-3, from the existing pad. The total NZ$5 million funding for Phase 1 has been received from both parties.

Puka-2 Workover

The workover operations at the Puka-2 well, in PEP 51153, commenced on Wednesday 2 June 2014. The downhole pump and rods were removed and inspected. Very fine sand was observed in the pump mechanism, and this is believed to have contributed to the pump failure announced on 11 February 2014.

The replacement pump has been installed with a change to the downhole configuration. The Joint Venture Operating Committee believes the new configuration is better suited to the reservoir characteristics.

The well is now back in production following the completion of the workover operations.

Ian Brown, Managing Director of Kea's operating subsidiaries in New Zealand, said: "We are very pleased to have safely completed the first operations under the agreement with MEO on time and on budget."

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Notes to Editors:

Kea Petroleum is an AIM listed oil and gas exploration company with interests in three petroleum exploration permits in the Taranaki Basin of New Zealand. Kea listed on the London AIM market in February 2010.