MXP.L Regulatory News (MXP)

26 Oct 2007 15:01

Max Petroleum PLC26 October 2007 Max Petroleum Plc ("Max Petroleum" or "the Company") Operational Update Scott Fullerton appointed as Drilling Manager and Deputy COO 26 October 2007 The Company announces today the following operational update covering drillingand production from both its A&E and East Alibek license areas in WesternKazakhstan. The Company is also pleased to announce the appointment of ScottFullerton as Drilling Manager and Deputy Chief Operating Officer. Zhana Makat - Block E: The Company is currently capable of producing approximately 3,000 barrels of oilper day ("bopd") from nine producing wells in the Zhana Makat field. Due toshort-term facility constraints, current production is limited to approximately2,000 bopd. The Company is accelerating the completion of additional productionfacilities to allow for expanded export and domestic sales, which is expected totake several more weeks to complete. The Company has contracted for a workoverrig, which will be on site in early November and will be used to increaseproduction from existing wells, as well as accelerating the completion of newwells. North Akatkol - Block E: The Company has begun drilling its first exploration well in the North Akatkolprospect with its shallow rig while production capabilities catch up topotential output in Zhana Makat. East Alibek: The Company has drilled its first well in the East Alibek contract area to atotal depth of 3,530 metres. While the well encountered oil shows in the KT-2formation, they were in non-commercial quantities and the Company has pluggedand abandoned the well. The Company is currently evaluating its future plans forEast Alibek and will inform the market of its decision in due course. Scott Fullerton hired as Drilling Manager and Deputy COO: Scott Fullerton has been hired as Max Petroleum's Drilling Manager and DeputyCOO. Scott has 27 years' experience in senior management positions in theinternational drilling industry, most recently as operations manager for PrideInternational where his responsibilities included drilling operations for the BPThunder Horse semi-submersible platform, the largest of its kind everconstructed. Previously, he served as senior operations officer for Lukoil fortheir first well in the northern sector of the Caspian (a 5,000 metrediscovery), Argentina general manager for Welltech, Inc. of Houston, Texas,general manager for Nabors Drilling in Gabon, drilling superintendent for NobleDrilling in Nigeria and Global Marine in the North Sea, and as a manager ofdrilling operations in various capacities for Santa Fe Drilling in LatinAmerica, the Middle East, Africa, South East Asia, and the North Sea. Robert Holland, Interim Chief Executive Officer, commented: "Improving production and cash flow is our major short-term priority. For thatreason, I am pleased to report that we are continuing to successfully drillproducing wells in Zhana Makat and are expanding our facilities to meet ourgrowing productive capability." "I am delighted to welcome Scott Fullerton to the Max team as our new DrillingManager and Deputy COO. Scott brings high calibre operational experience andleadership to Max. His extensive technical experience in drilling, fieldoperations and project management will be invaluable, as the Company's 3.4million acres cover a diverse group of drilling opportunities and challenges." Enquiries: Max Petroleum Plc Michael Young Tel: +44 (0)20 7355 9590 Chief Financial Officer Peter Moss Tel: +44 (0)78 3457 2837 Investor Relations ManagerMerlin PR Tom Randell / Anca Spiridon Tel: +44 (0)20 7653 6620WH Ireland Ltd Daniel Bate / David Youngman Tel: +44 (0)161 819 8709 Donald Dorn-Lopez, Petroleum Engineering and Geology Manager, is the qualifiedperson that has reviewed and approved the technical information contained inthis announcement. Mr. Dorn-Lopez, a senior geophysicist with over 27 years ofexperience, is a member of the Society of Exploration Geophysicists, theEuropean Association of Geoscientists and Engineers, the Society of PetroleumEngineers, and the American Association of Petroleum Geologists. This information is provided by RNS The company news service from the London Stock Exchange