11th Feb 2014 10:55
LONDON (Alliance News) - Max Petroleum PLC Tuesday said it has increased its reserves at the Sagiz West field following a Competent Person's Report by Ryder Scott Company LLC.
The oil and gas company with operations in Kazakhstan said its collective proved and probable reserves increased 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.
The company 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 said the update comes after two successfully drilled appraisal wells during the quarter and two unsuccessfully drilled appraisal wells drilled in October 2013 and January 2014.
The company said it plans to drill three additional appraisal wells in Sagiz West in the next few months and expects to incorporate the results into its report for the fiscal year ending March 31 2014.
Max Petroleum shares were up 1.7% to 1.50 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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