30th Dec 2013 09:08
LONDON (Alliance News) - Max Petroleum PLC said Monday it has recorded successful drilling results of an appraisal well in Sagiz West Field.
The oil and gas production firm focused on Kazakhstan, has confirmed that the SAGW-8 appraisal well in the Sagiz West field has reached a vertical depth of 1,351 metres with electric logs indicating seven metres of net pay over a 24 metre gross interval in the Triassic Formation at vertical depths between 1,225 and 1,249 metres.
Max Petroleum said that reservoir quality at the site is "very good," with porosities ranging from 15% to 25%. The firm is setting production casing in the well and will begin testing SAGW-8 as soon as practicable, it said.
Looking ahead, the company's Zhanros ZJ-30 rig will next move to drill the SAGW-11 well in the southern portion of the field; one of four wells remaining in the current appraisal programme at Sagiz West.
The announcement came as the firm reported its results for the half-year, including lower revenue, production levels and widened losses from a year before, but the firm said that its first-half results showed a marked improvement on the last six months of the previous financial year.
Shares in Max Petroleum were trading down 9.21% at 3.45 pence per share Monday morning, one of the biggest fallers on the AIM index.
By Alice Attwood; [email protected]; @AliceAtAlliance
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