Max Petroleum secures two-year extension on exploration programme

AIM-listed Kazakhstan- focused oil and gas exploration and production company Max Petroleum , has received final regulatory approval of a two-year extension of the exploration period of the company's Blocks A&E Licence by the Ministry of Oil & Gas of the Republic of Kazakhstan.

The company said it would be placing the four wells in the Asanketken Field onto trial production and returning the BCHW-1 well in the Baichonas Field to test production, effective immediately.

As a result, the company said it expected its current production of approximately 2,200 barrels of oil per day (bopd) from the Zhana Makat Field to increase by a minimum of 2,000 barrels of oil per day.

Max Petroleum's share price was up 3.51% to 3.83p at 09:46 on Wednesday.

MF