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.
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
-
What is the 25x retirement rule and does it work?The 25x retirement rule has been around for decades but many experts question if it is a suitable strategy
-
When is the self-assessment tax return deadline?If you are self-employed, rent out a property or earn income from savings or investments, you may need to complete a self-assessment tax return. We run through the deadlines you need to know about
