14th Feb 2014 08:51
LONDON (Alliance News) - Max Petroleum PLC Friday announced successful drilling and results from its SAGW-10 well in the Sagiz West Field.
The oil and gas company with operations in Kazakhstan said the well reached a depth of 1,400 metres with electric logs indicating 16 metres of net oil pay over a 24 metre gross interval at vertical depths between 1,225 and 1,249 metres.
The company said reservoir quality is very good and it is setting production casing in the well and will begin testing SAGW-10 as soon as practicable.
Max Petroleum said the drill rig used at the site will next move to drill the SAGW-13 well which is designed to extend the southern limit of the field, with only two wells remaining in its ongoing appraisal programme at Sagiz West.
The news comes after the company announced on Tuesday that a Competent Person's Report by Ryder Scott Company LLC had increased the company's collective proved and probable reserves by 40% to 2.27 billion barrels of oil equivalent on December 31, 2013, from 1.62 billion barrels after its previous report on September 30 2013.
Ryder Scott also said its possible reserves increased to 733 million barrels of oil equivalent from 685 million in the previous estimate, bringing the total proved, probable and possible reserves, otherwise know as 3P reserves up 30% to 3.00 billion barrels of oil equivalent from 2.31 billion barrels.
Max Petroleum shares were up 8.6% to 1.67 pence, putting it in the top ten AIM movers in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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