17th Sep 2013 10:12
LONDON (Alliance News) - Max Petroleum PLC Tuesday said it has received mixed results from appraisal wells in Kazakhstan.
The Kazakhstan-based oil-and-gas exploration and production company had to abandon drilling at the BCHW-3 appraisal well at its Baichonas West Field after it encountered an insufficient level of gas or oil to be commercially viable.
The site was plugged and the results of the test will be added to the company's geophysical study of the entire field for placing new wells during 2014.
However, the company said the UTS-16 well in its Uytas Field successfully reached a depth of 200 metres and indicated three metres of excellent quality net oil pay over a 33 metre interval.
The company plans to complete the UTS-16 well and place it on test production as soon as possible.
Max Petroleum shares were up 2.1% to 3.62 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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