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.
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Shares in Max had risen 5.16% by 08:38.
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