12th Jun 2014 10:27
LONDON (Alliance News) - Max Petroleum PLC shares slumped on Thursday as it said its proved and probable reserves, which include new drilling results from 35 wells, have fallen significantly when compared to the previous year.
The Kazakhstan-focused oil and gas company said the competent persons report carried out by Ryder Scott Co LLC estimated that the group had 9.5 million barrels of oil equivalent in proved and probable reserves with a post-tax net present value - discounted at 10% - of USD184 million at March 31.
Max Petroleum shares were down 25% to 1.40 pence, making them the worst AIM ALL-Share faller late Thursday morning.
The report showed that in the year the company's Zhana Makat site's proved and probable reserves had fallen 25% to 3.3 million barrels of oil equivalent, and its Asanketken site's proved and probable reserves had fallen 20% to 1.6 million barrels from 2.0 million barrels.
The number represents a decrease of 14% from 10.9 million barrels of oil equivalent at a net present value of USD184 million at the same point a year ago.
However, the company said the number was an increase of 11% from 8.6 million barrels of oil equivalent with a net present value of USD140 million that was recorded on September 30, 2013.
Ryder Scott estimated that the company's total proved, probable and possible reserves increased by 7% from the September 30, 2013 figures to 10.4 million barrels of oil equivalent with a net present value of USD197 million.
The report also showed that reserves at its Sagiz West site increased 63% to 2.6 million from its end September figures and increased 4% compared to the previous year.
By Tom McIvor; [email protected]; @TomMcIvor1
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