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10 Jun 2014 07:00
Max Petroleum Plc
(the "Company")
Drilling Update
10 June 2014
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that the ZMA-E7 development well in the Zhana Makat Field has successfully reached a total vertical depth of 997 metres, 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 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.
Enquiries:
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Kenneth Hopkins, Chief Operating Officer of Max Petroleum Plc, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hopkins holds a Bachelor of Science degree in Marine Sciences and a Master of Science degree in Geology from Texas A&M University and is a certified petroleum geologist with 32 years of experience in the oil and gas industry.
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