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4 Oct 2013 07:00
Max Petroleum Plc
(the "Company")
Successful appraisal wells at Eskene North and Uytas
Release of ZJ-20 Drilling Rig
4 October 2013
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce successful drilling results with appraisal wells in the Eskene North and Uytas fields.
The ESKN-2 appraisal well in the Eskene North field has reached a depth of 1,523 metres with electric logs indicating 29 metres of net pay over a 173 metre gross interval in the Triassic Formation at measured depths between 1,222 and 1,395 metres. Reservoir quality is fair with porosities ranging from 15% to 20%. The Company is setting production casing in the well and will begin testing ESKN-2 as soon as practicable.
In the Uytas field, the UTS-12 appraisal well successfully reached a total depth of 450 metres, with electric logs indicating seven metres of net oil pay in Cretaceous and Jurassic reservoirs, including two metres of net oil pay over a four metre interval ranging in depths from 119 to 123 metres in the Cretaceous Aptian formation, two metres of net oil pay ranging in depths from 245 to 247 metres in the Lower Cretaceous formation and three metres of net oil pay over a seven metre interval ranging in depths from 311 to 318 metres in the Jurassic section. Reservoir quality is excellent. Hydrocarbon shows were not encountered in the shallow Albian section. The Company plans to complete the well and place it on test production as soon as practicable. The Company will now drill the UTS-9 well targeting Jurassic reservoirs with a total vertical depth of approximately 550 metres. After UTS-9, an additional five wells remain to be drilled as part of the initial appraisal programme in the Uytas field.
After completion of ESKN-2, the Company will release the Zhanros ZJ-20 rig with the expectation to bring another shallow drilling rig into operation in early 2014 after the Company has finished interpreting its newly acquired 3D seismic survey over East Kyzylzhar I and analysing recent drilling results at Eskene North and Baichonas West. The Company will proceed with its ongoing appraisal programmes at the Sagiz West and Uytas fields with the two remaining shallow rigs under contract, and does not anticipate the release of the rig to impact its ability to drill up to 35 shallow wells during fiscal year ended 31 March 2014 as currently planned.
Enquiries:
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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.
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