Disappointment for Max Petroleum

Kazakhstan focused oil and gas explorer Max Petroleum has plugged and abandoned the ALTW-1 exploration well on the West Altykol prospect on Block E.AIM-quoted Max says that the well was drilled to a depth of 1,947m but it did not encounter any hydrocarbons. The drilling rig will be moved to the ZMA-ET1 appraisal well testing Triassic reservoirs in the Zhana Makat Field on Block E.Yesterday, Max said that it had "commenced drilling the ASK-1 exploration well on the Asanketken prospect in Block E, the ninth of 15 post-salt exploration prospects scheduled to be drilled by the Company on Blocks A&E".Max raised £52.7m at 17p a share earlier this month. The majority of this money will be spent on up to four deep exploration projects. Drilling depths will be between 5,000m and 7,000m.