Max Petroleum, the western Kazakhstan-focused oil and gas company, has seen its share price drop this morning on news it has failed to find more hydrocarbons at its ASK-2 well in the Caspian Basin.
The lastest, failed, dig had been an attempt to find deposits of hydrocarbons at depths up to 3,412 metres, having already confirmed a discovery between 1,281 and 1,287 metres.
ASK-2 will now be converted into a production well to exploit the shallower resources.
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 had fallen 5.56% to 12.75p by 10:14. Since January the firm's value has fallen 29%.
BS
