Max Petroleum Plc, an oil and gas company focused on Kazakhstan, is pleased to announce successful drilling results of an appraisal well in the Sagiz West Field.
The SAGW-13 appraisal well in the Sagiz West Field has reached a depth of 1,577 metres, with electric logs indicating six metres of net oil pay over a 16 metre gross interval in the Triassic Formation at depths between 1,252 and 1,268 metres. Reservoir quality is fair with porosities ranging from 15% to 20%. The Company also encountered visual shows over a lower reservoir at depths between 1,269 and 1,304 metres, with electric logs indicating another 26 metres of potentially productive reservoir albeit with higher levels of water saturation than encountered in the upper zone. The Company also plans to test this second interval for commerciality, but has not characterised this interval as net oil pay at this time.
SAGW-13 is located two km southwest of SAGW-4, making it the most southern well drilled in the Field to date. The Company is setting production casing in the well and will begin testing SAGW-13 as soon as practicable. The Zhanros ZJ-30 rig will next move to drill the SAGW-7 well, the final well remaining in the current 11 well appraisal programme at Sagiz West.
Max Petroleum Plc
Michael Young President and Chief Financial Officer Tel: +44 (0)207 355 9590
Tom Randell Director of Investor Relations
David Simonson/ Anca Spiridon Tel: +44 (0)207 457 2020 WH Ireland Ltd
Katy Mitchell Tel: +44 (0)161 832 2174
Oriel Securities Michael Shaw / Tom Yeadon Tel: +44 (0)207 710 7600 Charles Stanley Securities Mark Taylor / Marc Milmo Tel: +44 (0)207 149 6000
Richard Hook, Chief Operating Officer of Max Petroleum Plc, 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.
Mav , why £150 mill , that would make an offer worth 5p a share. Or did you add an extra ' 0 ' in that typing error and really meant £15 mill ?That would look a more realistic offer now. As Robster said the other day it would be better for those of us who've lost our shirts if they did **** or bust on Nur 1 now because there's not a lot more left to lose.Thoughts?
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