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%.
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's share price was unchanged at 3.92p at 14:03 on Thursday.
MF
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
