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.

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.

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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