25 Sep 2012

Kea strikes oil at Taranaki field

1:22 pm on 25 September 2012

Oil and gas explorer Kea Petroleum has found oil at its field in Taranaki.

Kea says its Puka 1 well is producing up to 310 barrels of oil a day and 1.8 million cubic feet of gas.

The company is considering how to increase production from the field and is speeding up plans to drill a second well, Puka 2.

The company, which is listed on the secondary AIM board in London, intends to commericalise the field as soon as possible.