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.
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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
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