Max Petroleum strikes oil
Max Petroleum has struck oil in Kazakhstan but said the reservoir was thinner than expected.
Max Petroleum has struck oil in Kazakhstan but said the reservoir was thinner than expected.
The firm said its exploration well in the Baichonas West prospect had reached a depth of 1,430 metres with electric logs indicating 13 metres of net pay over a 20 metre interval in the Jurassic Formation at measured depths between 1,170 and 1,190 metres.
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The company has set production casing in the well and expects to begin testing in October to determine commerciality after it obtains the relevant government approvals.
Michael Young, President and Chief Financial Officer, said this was the first of the firm's Western Block E prospects to be drilled after agreeing an equity for services deal with Zhanros Drilling in August.
"The charged reservoirs are slightly thinner than anticipated, but provided the test demonstrates good productivity, we expect Baichonas West to become our seventh commercial discovery," he said.
Under the terms of the agreement, Zhanros will drill up to four wells in exchange for up to 90,322,581 ordinary shares at a price of 5p per share.
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