Max Petroleum commences drilling UTS-5 exploration well

AIM-listed oil and gas exploration and production company Max Petroleum has commenced drilling the UTS-5 exploration well in the Uytas North prospect on Block A in Kazakhstan using the Zhanros Drilling's ZJ-20 rig.

The Uytas North prospect is a four-way anti-cline, targeting Triassic resource potential of 11m barrels of oil with a geological chance of success of 24%. The total vertical depth of the well will be approximately 840 metres.

After completing the UTS-5 well, Max Petroleum said it was planned that the ZJ-20 rig would proceed to drill the UTS-8 well in the Uytas Field, which, if successful, would extend the Western limits of the Uytas Field.

Max Petroleum's share price was up 0.50% to 4.06p at 10:11 on Friday.

MF