2nd Apr 2014 08:27
LONDON (Alliance News) - Max Petroleum PLC Wednesday said it has achieved successful drill results from its final test well in its current appraisal drilling programme at the Sagiz West Field and named a new chief operating officer.
The oil and gas company with operations in Kazakhstan said the SAGW-7 appraisal well reached a depth of 1,438 metres and electric logs showed 24 metres worth of net oil or gas pay in four Triassic reservoirs.
The company said the reservoirs were found over a 117 metre space at depths between 1,172 and 1,289 metres, including 19 metres of net oil pay in three upper reservoirs and five metres of net gas pay in one lower reservoir.
Max Petroleum said the reservoir quality is excellent with porosities ranging from 15% to 27% and the company is now setting production casing in the well to begin testing SAGW-7 as soon as practicable.
The company said its Zhanros ZJ-30 rig will now move to drill its KZIE-5 well in its East Kyzylzhar I Field to evaluate a set of Jurassic reservoirs based on the company's previous technical analysis of 3D seismic data completed in 2013.
Max Petroleum also announced the appointment of Kenneth Hopkins as the company's chief operating officer. Hopkins will remain as general director of the company's operations in Kazakhstan.
The company said previous Chief Operating Officer Richard Hook will become a consultant in the company, and it is continuing with its ongoing cost cutting initiative by streamlining its finance function and closing its Houston office during 2014.
Max Petroleum shares were up 5.7% to 1.44 pence, putting it among the top AIM risers in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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