Max Petroleum said the ZMA-E7 development well in the Zhana Makat Field has reached a total depth of 997m, encountering hydrocarbons in Jurassic sandstone reservoirs in line with expectations.
"The Company plans to complete the well and then place it on production as soon as practicable," the company said.
The Zhanros ZJ-30 rig will next be mobilised to the Zhana Makat main camp where it will be stacked. The cost of stacking the rig is expected to be immaterial and it will ensure the rig is ready to drill the ZMA-E8 well once regulatory permission to drill the well is granted, expected in Q3 this year.
The estimated total cost to drill the ZMA-E8 well is less than US$1 million, in line with other wells drilled at Zhana Makat, and will be targeting a potentially significant extension of the Zhana Makat Field to the south east of the existing appraised area.
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