25th Sep 2013 12:08
LONDON (Alliance News) - Max Petroleum PLC Wednesday said it has received positive drill results at its Uytas site and has began drilling of new appraisal wells at the Uytas and Eskene North fields.
The oil-and-gas exploration and production company with operations in Kazakhstan said its UTS-15 appraisal well in the Uytas field reached a depth of 200 metres and found four metres of excellent quality net oil pay over a 52 metre interval.
Max Petroleum said it plans to complete the well and place it on test production as soon as possible.
The company also said its UTS-12 appraisal well at the site and the ESKN-2 appraisal well in the Eskene North Field have began test drilling towards production.
An additional six wells are to be drilled at the Uytas site as part of its appraisal programme and the ESKN-2 well is the first well to be tested at the Eskene North field.
Max Petroleum shares were down 4.9% to 3.90 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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