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.
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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.
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