8th Oct 2013 09:56
LONDON (Alliance News) - Max Petroleum PLC Tuesday said it has received test results and began testing new appraisal wells at its Sagiz West and Uytas fields.
The Kazakhstan-focused oil and gas exploration and production company said its SAGW-5 well in the Sagiz West field is currently flowing at a stabilised rate of 110 barrels of oil per day and tested various areas at rates between 100 and 240 barrels per day between 1,324 and 1,330 metres underground.
The company said the well will be completed at depths between 1,283 and 1,296 metres in a Triassic reservoir.
Max Petroleum also announced that it has began drilling at the SAGW-14 appraisal well at the Sagiz West structure and at the UTS-9 appraisal well at the company's Uytas field as part of continuing appraisal programmes at the fields.
Max Petroleum shares were down 0.5% to 4.06 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
MXP.L