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15 Jul 2013 07:00
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Max Petroleum Plc
(the "Company")
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Successful appraisal well at Uytas
Procurement of Third Drilling Rig
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15 July 2013
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Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that the UTS-11 appraisal well in the Uytas Field has successfully reached a total depth of 450 metres, with electric logs indicating a total of 26 metres of net oil pay in Cretaceous and Jurassic reservoirs. This includes 11 metres of net oil pay in the Cretaceous Aptian section in a 60 metre interval with continuous shows at depths ranging from 117 to 177 metres as seen in previous wells in the field. The Jurassic section includes 15 metres of net oil pay in a 66 metre interval with continuous shows at depths ranging from 322 to 388 metres. Reservoir quality in both the Cretaceous and Jurassic sections is excellent, with average porosities of 35%. The shallow Albian reservoir was encountered in this well with only faint visual oil shows noted while drilling. Electric logs through the Albian reservoir were inconclusive due to enlargement of the wellbore in this interval. The Company plans to complete the well and then place it on test production as soon as practicable.
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The Zhanros ZJ-20 rig will next move to drill the UTS-10 well, the third of 13 appraisal wells to be drilled in the Uytas Field in the next several months. The UTS-10 well is intended to further delineate Cretaceous and Jurassic reservoirs in the northern portion of the field. After completion of UTS-10, the Zhanros ZJ-20 rig will return to Block E to drill the BOR-4 development well in the Borkyldakty Field.
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The Company is also pleased to announce that it has awarded a tender for a third rig to Zhanros Drilling to complete the remaining 10 wells in the 2013 Uytas appraisal programme. The Russian made UPA-60/80 truck mounted drilling rig was manufactured in 2012 and is fit for purpose to drill out the remaining shallow wells ranging in depth from 200 - 550 metres given its mobility and compact design that facilitates moving the rig quickly between well locations. The Zhanros UPA-60/80 rig is expected to commence drilling operations in Uytas in August 2013.
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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. Β |
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