19th Nov 2013 12:51
LONDON (Alliance News) - Max Petroleum PLC Tuesday said it has completed its 14-well appraisal programme at the Uytas field and has achieved mixed results from the final two wells.
The oil and gas exploration and production company, with operations in Kazakhstan, said its UTS-19 well encountered oil shows but electric logs did not indicate any pay in the well and hydrocarbons were not encountered in the key shallow Albion section.
The company said casing has been set in the UTS-19 well and it plans to use the site in the future for water injection.
Max Petroleum said its UTS-20 appraisal well reached 210 metres and electric logs showed 11 metres of high quality net oil pay in a 23 metre interval. In response, the company will place the site on test production as soon as practicable.
The company said it will incorporate the technical data achieved from the drilling into its geological model in order to prepare a development plan to progress the field onto trial production.
Max Petroleum shares were down 3.8% to 3.85 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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