LONDON (Alliance News) - Max Petroleum PLC Friday said its oil reserve estimates increased by 4% over the six months to end-September.
The Kazakhstan-focused oil and gas company said group proved and probable reserves at end-September stood at 9.9 million barrels of oil equivalent, up 4.2% from 9.5 million at the end of March.
The group said its estimated total proved, probable and possible reserves increased by 3.8% to 10.8 million barrels of oil equivalent at the end of September from 10.4 million at March 31.
The reserves reflect drilling results, forward oil pricing and other technical information as at that date, including the results from four wells drilled during the six month period to end-September.
Max Petroleum shares were untraded Friday morning. The shares last traded at 0.770 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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