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Kea Petroleum

18:15 on 02/12/2015

Current Price 0.10p | Bid 0.00p | Ask 0.00p | Change 0.00%

Company Overview

Kea Petroleum plc was incorporated in England and Wales on 18 September 2009 and listed on AIM in February 2010. Since incorporation, the Company has raised approximately £20.7 million from various fundraisings and has, through the acquisition of Kea Holdings, acquired three oil and gas exploration permits in the Taranaki and Northland Basins of New Zealand. Kea Petroleum has assembled an experienced team with a combination of technical expertise and relevant experience. This is complemented by extensive financial and transactional knowledge of the oil and gas sector gained through both public and private companies across the major global hydrocarbon regions. The proceeds from the fundraisings were used to drill one well on each of the PEP 51155 and PEP 51153 permits in the Taranaki Basin, to carry out initial seismic surveying on the PEP 51339 permit in the Northland Basin and to provide general working capital for the Group. Furthermore a 10% interest in an offshore well in permit PEP 38524 and a wildcat hole in Australia's Surat Basin have also been completed. The Company, through its operating subsidiary Kea Exploration, has entered into a conditional funding and participation agreement and a gas offtake agreement with Methanex New Zealand. Under the terms of the agreements, Methanex funded the drilling of a well (Beluga-1) on Kea's permit PEP 51155 in consideration for Kea granting certain rights to Methanex to purchase the gas discovered and share in the profits from the development of the Beluga prospect. This alliance was extended in December 2010, and in October 2011 Methanex agreed to 50% participation in the drilling of the Mauku-1 well in licence area PEP 381204. Following admission the Company has continued to evaluate prospects and leads on its existing permits and is actively considering further exploration opportunities in the Taranaki Basin, the Northland Basin and elsewhere.

Stock Details

Shares in Issue 93,936,187
Market cap £ 1.08m
Sector Oil & Gas Producers

Financial Highlights Year Ended 31/05/2014

Turnover £2.09 million
Operating Profit £-3.45 million
Dividend Yield 0.00
Dividend Per Share 0.00
Dividend Cover 0.00
P/E Ratio -2.13
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Key Personnel

Ian Roderick Gowrie-Smith Chairman
Dr David Bennett CEO
Peter Trevor Wright Finance Director

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Price Summary

Mid Price ? 0.00p
Bid Price ? 0.00p
Ask Price ? 0.00p
Volume ? 0
Change Today 0.00p
% Change Today 0.00%
Open 0.00p
Previous Close 1.15p
Intraday High 0.00p
Intraday Low 0.00p
52 Week High 1.15p
52 Week Low 1.15p

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Broker Consensus

The above information represents a selection of the views and target prices published in the last 120 days by analysts in individual stocks. It is subject to change without notice and may not necessarily be the view held by Redmayne-Bentley.

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