Max Petroleum encounters hydrocarbons in Zhana Makat Field

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AIM-listed oil and gas exploration and production company Max Petroleum has reported that the ZMA-E6 development well in the Zhana Makat Field has successfully reached a total depth of 897 metres, encountering hydrocarbons in Jurassic sandstone reservoirs, in line with expectations.

The company said that it plans to complete the well and then place it on production as soon as practicable.

The Zhanros ZJ-20 rig will now move to drill the UTS-5 exploration well in the Uytas North Prospect on Block A, targeting resource potential of 11m barrels of oil with a current geological chance of success of 24%.

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Max Petroleum's share price was unchanged at 3.92p at 14:03 on Thursday.

MF