15th Jun 2010 07:00
Max Petroleum Plc
(the "Company")
Drilling and Operational Update
15 June 2010
Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, today announced a drilling and operational update of its activities in its Blocks A&E licence area.
Drilling Update
The Company has completed drilling the KZI-1 exploration well on the Kyzylzhar I prospect in Block E, targeting Jurassic and Triassic formations at depths ranging from 500 to 1,200 metres. The well reached a total depth of 1,192 metres without encountering hydrocarbons and will be plugged and abandoned.
The Sun ZJ-30 drilling rig will next move to the Zhana Makat Field to drill the ZMA-A15 development well, followed by the KAW-1 and UTS-1 exploration wells on the Karsak West prospect in Block E and the Uytas prospect on Block A, respectively.
Borkyldakty Field Appraisal
The Company has completed production tests on the lower three of five Triassic reservoirs in the BOR-1 discovery well, all of which have produced crude oil at commercial rates ranging from 75 to 200 barrels of oil per day. The Company is currently recompleting the BOR-1 well to test a fourth reservoir in the Field, prior to the regulatory 90-day limit on production tests for exploration wells in Kazakhstan.
The Company plans to accelerate the acquisition of a 28 km2 high-fold, 3D seismic survey over the Borkyldakty Field prior to drilling additional appraisal and development wells. The 3D seismic survey will enhance the Company's ability to map the existing Triassic reservoirs in the Field, as well as evaluate an adjacent structure to determine if it is a drillable prospect. The Company expects to complete the 3D survey in the fourth quarter of 2010.
Enquiries:
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Max Petroleum Plc
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Michael Young President and Chief Financial Officer |
Tel: +44 (0)20 7355 9590
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Peter Moss Vice President Corporate Development and Investor Relations
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Merlin PR
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Tom Randell / Anca Spiridon |
Tel: +44 (0)207 726 8400 |
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WH Ireland Ltd
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Daniel Bate |
Tel: +44 (0)161 832 2174
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Macquarie Capital Advisers |
Paul Connolly / Ben Oakley |
Tel: +44 (0)203 037 2000 |
Richard Hook, Chief Operating Officer of Max Petroleum, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hook is a member of the Houston Geological Society and holds both Masters and Bachelors of Science degrees in geology.
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