16th Oct 2013 09:57
LONDON (Alliance News) - Max Petroleum PLC Wednesday said it would abandon two appraisal wells after it didn't find sufficient hydrocarbons in drilling tests to make them worthwhile.
The abandoned wells are the SAGW-14 well at Sagiz West and the UTS-9 well in its Uytas field.
The Kazakhstan-focused oil producer said the Zhanros mobile truck-mounted rig at Uytas will now move to the UTS-18 appraisal well, one of four wells left to drill at the field in its initial appraisal programme.
At Sigiz West, the Zhanros ZJ-30 rig will next move to drill the SAGW-9 well, one of seven wells remaining in the current appraisal programme in the field.
Earlier this month the company reported successfull drilling of the UTS-12 appraisal well at Uytas. It is placing the well on test production. It had also said its SAGW-5 well was currently flowing at a stabilised rate of 110 barrels of oil per day.
Max Petroleum shares were down 1% at 3.96 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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