12th Sep 2013 12:42
LONDON (Alliance News) - Max Petroleum PLC Thursday said it has received successful test results from an Uytas drilling well and has began drilling new appraisal wells at its Sagiz West and Uytas fields.
The Kazakhstan-based oil-and-gas exploration and production company said test results from its UTS-14 appraisal well indicated eight metres of excellent quality net oil play over a 42 metre interval, in line with expectations.
The company plans to complete the well and put it on test production as soon as possible.
Max Petroleum has also began drilling its UTS-16 well in the same area.
On Tuesday, the company announced positive results from other appraisal wells, specifically in its Sagiz west field where it has recently began drilling the SAGW-6 appraisal well, which is the third in an 11 well programme at the site.
Max Petroleum shares were up 0.22 pence, or 6.21%, to 3.85 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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