Max Petroleum, the oil and gas explorer focused on Kazakhstan, said tests at one of its wells showed the site was a commercial discovery.
The firm said its BCHW-1 well at the Baichonas West prospect had begun testing in a Triassic reservoir from depths between 1,184 and 1,190 metres.
"The results of this test, combined with revised mapping of the structure, indicate that it is a commercial discovery with oil in place of approximately 16 million barrels of oil and expected recovery factors between 20% and 40%," the firm said.
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
Max also reported it had decided to move the planned drilling location at Eskene North to another preferred location on the structure.
Preparation of the alternate location is expected to take several weeks, the firm said, but is not expected to hinder the company's ability to complete the drilling of its post-salt portfolio prior to March 2013.
This was subject to additional financing for wells beyond those covered by the equity for drilling services agreement with its drilling contractor, Zhanros Drilling, it added.
MM
-
Ofgem proposes new energy tariffs with low or no standing changesStanding charges have invited public backlash as households battle high energy bills
-
Google shares bounce on Gemini 2.0 launchGoogle has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
