24 Aug 2011 07:00
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Max Petroleum Plc
("Max Petroleum" or the "Company")
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Operational Update
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24 August 2011
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Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce an operational update of its activities in the Blocks A&E Licence area.
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Drilling Commences at Sagiz West Prospect
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Drilling has commenced at the SAGW-1 exploration well on the Sagiz West prospect in Block E, which has estimated unrisked mean resource potential of 26 million barrels of oil ("mmbo") in a four-way, Triassic rim structure. Total depth of the well will be approximately 1,600 metres.
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New Drilling Contract for Additional Shallow Rig
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The Company has executed a drilling contract with PM Lucas for a ZJ-50 rig capable of drilling to 5,000 metres, to drill the ASK-2 exploration wellΒ in the Asanketken Field in Block E. The rig is on location and is expected to commence drilling operations before 31 August 2011. The ASK-2 well is designed to test the field's deep Triassic potential, as well as further evaluate potential reservoirs in the shallower Jurassic section found to be productive in the ASK-1 discovery well.
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Status of Pre-salt Drilling on Emba B Prospect
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The Company expects to commence drilling operations for the NUR-1 pre-salt exploration well in the Emba B Prospect on Block E in October 2011, based on the Company's latest discussions with the drilling contractor, Saipem. The deep rig is currently completing a well for another operator and is expected to begin mobilization to NUR-1 location by the end of the month.Β
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Expanded Post-salt Prospect Inventory
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The Company has matured two additional prospects into the post-salt inventory, including the Uytas North and Karasai South prospects, both of which are four-way, Triassic rim prospects on Block A. Uytas North has unrisked mean resource potential of 11 mmbo with a 38% geological chance of success ("COS"), while Karasai South has unrisked mean resource potential of 12 mmbo and a 34% COS.
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Enquiries:
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Max Petroleum Plc Β Β | Michael Young President and Chief Financial Officer | Tel: +44 (0)20 7355 9590 Β |
Tom Randell Director of Investor Relations Β | ||
Merlin PR Β | David Simonson / Anca Spiridon | Tel: +44 (0)207 726 8400 |
WH Ireland Ltd Β | Daniel Bate / Robin Gwyn | Tel: +44 (0)161 832 2174 Β |
Macquarie Capital Advisers | Paul Connolly / Ben Oakley | Tel: +44 (0)203Β 037 2000 |
Richard Hook, Chief Operating Officer of Max Petroleum, 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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