Max Petroleum finds Oil

Max Petroleum has declared a significant oil discovery from its UTS-1 exploration well on the Uytas prospect in Kazakhstan.

Dominic Turner
shareprices.com - Tuesday, October 19, 2010

Printable version email to a friend Subscribe to shareprices.com newsfeed
Oil Well

Having seen a high of 21.75p, Max Petroleum (LON:MXP) - a UK based oil company, was trading at 16p (+5) with a day volume of 29,370,365 at lunchtime today. The news of the oil discovery comes as BP announces that its operational staff are to be rewarded only for performance on matters of safety in their fourth quarter bonuses.

Max Petroleum's Executive Co-Chairman Robert Holland said "The initial results of Uytas are very encouraging and could prove to be significant given the apparent size of the oil column. While we need to finish drilling the well to evaluate it fully, we are excited to have a potential commercial discovery before reaching our principal objectives".

Elsewhere, Autonomy Corporation (LON:AU), an infrastructure software specialist reported a $211m revenue for their third quarter which is a 10% rise on the previous year. Meanwhile Jupiter (LON:JUP), an asset manager, posted a 12% rise in managed assets sparking a 10% share price increase to 287.30p at lunchtime today.

 

Latest News

Related News

FTSE 100 Latest

ValueChange
5,403.2898.80  % rise