Not much reaction to this ann. Hydrocarbons found with a company...

Not much reaction to this ann. Hydrocarbons found with a company estimate of 1 million barrels of oil!

Kea Petroleum PLC is pleased to announce that the 100% owned Puka 1 well has
reached its planned target depth of 1550m on time and within budget. A 40m interval
near 1400m depth, contained several Mt Messenger reservoir quality sands, with a net
to gross sand ratio over the interval of approximately 20%.
Independent petrophysical analyses of electric logs indicate a minimum of 4.5m of
moveable hydrocarbons in good reservoir quality sands. These are most likely a
light oil, somewhat gassier towards the top of the interval.
Both the depth at which these sands were encountered, and their extent, are in line with
pre drill expectations, and at this stage the Company has not altered its original
estimate of gross recoverable resource of one million barrels with a potential upside of
up to three million barrels.
The well has been cased and suspended pending flow testing and, if warranted, long
term production. The timing of initial flow testing will be determined by the availability
of equipment.
Further information will be released as it comes to hand.