Kea Petroleum seeks bank facility to confirm going concern status

Mon, 04 Nov 2013

Nov. 4 (BusinessDesk) – London-based Taranaki oil and gas company Kea Petroleum needs to sign a bank facility to fund capital expenditure on production facilities and ongoing testing of prospects, projected cashflows from two semi-developed wells that have been producing for less than two months. The AIM-listed onshore explorer and recent producer, is confident projected oil and gas from the Puka-1 and 2 wells will be secure the bank facility, which was under negotiation and had yet to be signed at the time the accounts for the year to May 31...

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