23rd Apr 2014 11:49
LONDON (Alliance News) - Max Petroleum PLC Wednesday said it has successfully found a region of oil in an appraisal well at its East Kyzylzhar I Field.
The oil and gas company with operations in Kazakhstan said the KZIE-5 appraisal well reached a depth of 1,295 metres and logs indicated a seven metre region of net oil pay in two Jurassic reservoirs over a 22 metre space at depths between 1,150 and 1,172 metres.
The company said the reservoir quality is excellent with porosities ranging from 18% to 35%.
Max Petroleum said it is now setting production casing in the well and will start testing the site as soon as practicable, while its drill rig has moved on to drill the KZIE-4 appraisal well nearby.
The news comes weeks after the company announced strong results from its final test well from an appraisal drilling programme at the Sagiz West Field which reached a depth of 1,438 metres and logs showed 24 metres worth of net oil or gas pay in four Triassic reservoirs.
Max Petroleum shares were down 0.4% at 1.23 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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