Max Petroleum begins drilling on Tolegen West well
Max Petroleum advanced Friday on news the oil and gas company started drilling the TOLW-1 well on the Tolegen West prospect in Kazakhstan.
Max Petroleum advanced Friday on news the oil and gas company started drilling the TOLW-1 well on the Tolegen West prospect in Kazakhstan.
Shares rose 2.63% to 3.90p at 11:20 Friday as the business announced it kicked off production on Block E using Zhanros Drilling's ZJ-20 rig.
A total vertical depth of 1,600 metres will be drilled at the prospect, which is a four-way anticline targeting unrisked mean resources of 8m barrels of oil in Triassic reservoirs.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Max Petroleum has in recent months posted positive results from its projects.
Last month it reported strong production from the ESKN-1 exploration well in the Eskene North prospect.
Initial results of the electric logs of the well, which reached a depth of 1,507 metres, indicated 20 metres of net pay over an 90-metre gross interval.
Testing on the well was due to begin sometime early this year.
RD
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Trouble brews in B&M as bargain shops take a hit
Opinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in London
The US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?