18 Jun 2013 07:00
Max Petroleum Plc
(the "Company")
Drilling Update
18 June 2013
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that the SAGW-4 appraisal well in the Sagiz West Field has reached a total vertical depth of 1,558 metres, with electric logs and pressure data from the well indicating 20 metres of net hydrocarbon pay over a 62 metre interval from 1,222 to 1,284 metres. Pay intervals include 16 metres of gas condensate and four metres of oil. In addition, there is a further 17 metres of potential oil pay with lower oil saturation than normally seen in productive reservoirs in the basin that is situated above the oil-water contact at 1,284 metres. Reservoir quality is good, with porosities ranging from 15% to 25%. Production casing is being run in the well and testing of all potentially productive intervals will begin as soon as regulatory approvals are received.
These results confirm that the Sagiz West Field extends four kilometres to the south of the existing productive well at SAGW-3. A multi-well appraisal drilling programme at the Sagiz West Field will resume following the integration of the results of SAGW-4 with the new seismic processing, which is expected to be completed later this summer. Further analysis of the well results and integration with the 3D seismic data will also enable a more detailed estimate of the size of the field. The Zhanros ZJ-30 rig will now move to the Zhana Makat Field to drill the ZMA-E3 and ZMA-A21 production wells.
The Company has also completed drilling the UTS-8 appraisal well in the Uytas Field on Block A. The well reached a total depth of 875 metres without encountering producible hydrocarbons and will be plugged and abandoned. This well was drilled to test the possibility of a westward extension of the field. The well is located beyond the mapped limits of the Uytas Field, and current estimates of contingent resources will not be affected by the results from this well.
The Zhanros ZJ-20 rig will now move on to drill the UTS-7 and UTS-9 appraisal wells in the Uytas Field, before returning to Block E. These are the first two wells of a 13 well appraisal programme planned to evaluate the contingent resource base in the field. The remaining appraisal wells will be drilled with an additional drilling rig that has been tendered for by the Company.
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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