Max Petroleum, the Kazakhstan focused oil and gas company, says test results show its ZMA-A19 development well may contain a reservoir of oil 28 metres thick.
The firm says the "quality appears excellent with porosities ranging from 20% to 34%."
The well will be completed and placed on production as soon as the Kazakhstan authorities grant approval.
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
Shares in Max had risen 5.16% by 08:38.
BS
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
