Max Petroleum makes new oil discovery in Kazakhstan
Monday 8 August 2011
LONDON (Presse release) – Robert Holland, Max’s chairman, said that the company is well positioned to execute on its exploration programme “regardless of macro market conditions”.
Kazakhstan-focused oil and gas explorer Max Petroleum (LON:MXP) said today that it has made a new oil discovery at the KZIE-1 exploration well in its East Kyzylzhar I prospect. The well has reached a total depth of 1,620 m, with electric logs indicating 17 m of net oil pay in two Jurassic sandstone reservoirs at depths ranging between 987 and 1,251 m.
The firm added that reservoir quality appears to be “excellent”, with porosities ranging from 20% to 30%.
Max is now running production casing in the well, which is expected to be completed and placed on test production within 90 days.
“We have now made five field discoveries since we renewed our post-salt exploration programme in January 2010, with another three post-salt prospects to test this quarter alone,” said Robert Holland, Max’s executive co-chairman. “We are well positioned to execute on our exploration programme regardless of macro market conditions and look forward to continue generating significant value for our shareholders in the very near-term.”
Meanwhile, Max also announced this morning that its UTS-2 confirmation well in the Uytas Field has now reach a total depth of 820 m and that electric logs there indicate 12 m of net oil pay in the Cretaceous section at depths ranging from 108 to 148 m.
Again, the reservoirs here are described as being of “excellent quality”, with porosities ranging from 25% to 34%. The firm said it had also identified an additional six metres of net oil pay in Jurassic reservoirs at depths of approximately 350 m.
Shares in Max were up 12.2% by 8:25 AM today at 12.6 pence each.
Max Petroleum is an independent oil and gas exploration and production company focused on Kazakhstan. The Company is a public limited company incorporated in the United Kingdom and listed on AIM.
The Company holds a 100% interest in Blocks A&E Licence area covering over 12,455 km² in the highly prolific Pre-Caspian Basin in Western Kazakhstan. The Pre-Caspian Basin has produced some of the world’s largest oil and gas discoveries, including the super-giant Tengiz, Kashagan, Karachaganak and Astrakhan fields, which range in size from seven to 20 billion barrels of oil equivalent in recoverable reserves.