It has agreed to sell its 70% interest in the PEP51153 permit to privately-owned New Zealand company Caliera Fund for NZ$500,000 (US$344,045).
PEP51153 contains the Puka field, as well as the Shannon prospect. Kea's other partner in the permit is MEO Australia which will have a pre-emptive right to acquire the operator's stake ahead of Caliera.
Kea halted output at Puka earlier this year until the economics of “continued site operations” improved and the company said Friday it estimated losses attributable to PEP51153 in the year to 31 May were NZ$15.6
