9th Sep 2013 10:10
LONDON (Alliance News) - Max Petroleum PLC Monday said it achieved positive drilling results from its Sagiz West and Uytas fields in Kazakhstan.
The Kazakhstan-based oil-and-gas exploration and production company said test results at its SAGW-5 appraisal well in the Sagiz field showed 16 metres of good quality net oil over a 19 metre interval at depths ranging from 1,269 to 1,288 metres.
The company also said the results of its UTS-13 appraisal well in the Uytas field showed eight metres of excellent quality net oil over a 53 metre interval ranging from depths of 106 to 159 metres, in line with company expectations.
Max Petroleum said it will place both the SAGW-5 and UTS-13 wells on test production following government approval as soon as practicable.
Max Petroleum shares were up 0.13 pence, or 3.9% to 3.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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