Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, reached a record level of production on 19 November.
The firm produced 5,625 barrels of oil per day (bopd) after the company began testing the KZIE-1 discovery well in the East Kyzylzhar I Field.
The well flowed at a stable rate of 1,484 bopd and has since been connected to temporary production facilities and is on long-term test production.
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
The company plans to bring up to seven additional wells onto production before 31 December, but expects future daily production rates to remain variable due to several high rate wells being subject to periodic shut-in during long-term testing.
The firm has produced an average of 3,235 bopd since 30 September and an average of 3,639 bopd since 31 October.
President and chief financial officer Michael Young said: "We have more than doubled the company's daily production since June 30th, with two wells producing in excess of 1,000 bopd each.
"We currently have four of our six commercial discoveries on production and plan to have all six producing by 31 December. This steep ramp up in production will have a significant impact on our cash flow generated from operations, as we actively pursue our ongoing exploration and appraisal drilling programme in Blocks A&E."
The share price rose 6% to 13.25p by 10:03.
NR
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
