Oil and gas explorer Kea Petroleum is planning to expand production at its field in Taranaki after finding commercial quantities of oil and gas.
Listed on the secondary AIM board in London, 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 estimates there could be up to 2000 barrels a day.
Kea is speeding up plans to drill a second well - Puka 2. Managing director Richard Parkes says the company intends to commericalise the field as soon as possible.