Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce today an operational update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan.
The Company has matured three additional prospects into its drillable post-salt prospect inventory based upon its technical review of new 3D seismic data acquired over five leads in Block E in late 2011. The new prospects include Dossor North West, Eskene North, and Baichonas West, all of which are four-way, Triassic rim prospects. The Baichonas West prospect also includes a four-way Jurassic closure as a secondary target. The remaining two leads are still under technical evaluation and could mature into drillable prospects at a later date.
The Company has removed two prospects located in Block A from the drillable portfolio based on further technical review. Kainar was dropped from the inventory after a reassessment of risk based on the results of drilling the Zhalgyz South prospect in October 2011 and the Company reclassified the Karasai Prospect as a lead pending the drilling and evaluation of the adjacent Karasai South Prospect.
The adjusted drillable post-salt prospect inventory, based on the Company's current analysis, is as follows:
Geologic Chance of Success
Besbolek North East
Dossor North West
Sum of Mean Potential Resource (mmbo)
The Company has released one of two shallow rigs under contract pending final ratification of its 2012 work programme by the Kazakh regulatory authorities, which includes the new prospects in western Block E. This will enable the Company to efficiently order the schedule of exploration drilling for both the new and retained prospects in the inventory. The Company expects to evaluate its entire post-salt prospect inventory by the fourth quarter of 2012. The remaining shallow rig is currently mobilising to drill the SAGW-3 appraisal well in the Sagiz West Field.
Max Petroleum Plc
President and Chief Financial Officer
Tel: +44 (0)20 7355 9590
Director of Investor Relations
David Simonson / Anca Spiridon
Tel: +44 (0)207 726 8400
WH Ireland Ltd
Daniel Bate / Robin Gwyn
Tel: +44 (0)161 832 2174
Paul Connolly / Steve Baldwin
Tel: +44 (0)203 037 2000
Richard Hook, Chief Operating Officer of Max Petroleum, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hook is a member of the Houston Geological Society and holds both Masters and Bachelors of Science degrees in geology.
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