11th Mar 2014 12:35
LONDON (Alliance News) - Max Petroleum PLC Tuesday announced successful drilling results from its SAGW-13 well in the Sagiz West Field.
The oil and gas company with operations in Kazakhstan said the well reached a depth of 1,577 metres and electric logs indicated a six metre space of net oil pay over a 16 metre interval at depths between 1,252 and 1,268 metres.
Max Petroleum said the quality of the oil is fair with porosities ranging from 15% to 20%, but the company also encountered visual shows of a lower reservoir at depths between 1,269 and 1,304 metres.
The company said electric logs showed that the second zone has a 26 metre space with a potentially productive reservoir that may have higher levels of water saturation.
Max Petroleum said it plans to test this second interval for commerciality, but has not characterised this interval as net oil pay at this time.
The company added that its Zhanros ZJ-30 rig will next move to drill the SAGW-7 well at the site, the final well in its current 11 well appraisal programme at Sagiz West.
Max Petroleum shares were up 2.9% to 1.44 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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