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22 Oct 2012 07:00
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Max Petroleum Plc
(the "Company")
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Operational Update
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22 October 2012
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Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces an operational update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan.
Baichonas West
The BCHW-1 well at the Baichonas West prospect has begun testing in a Triassic reservoir from depths between 1,184 and 1,190 metres, flowing at a stable rate of 450 barrels of 48 degree API gravity oil per day ("bopd") with no water. This zone was initially reported as Jurassic, but is now believed to be TriassicΒ pending final age determination, and will be produced on test production for 90 days, after which time a second zone will be tested. The results of this test, combined with revised mapping of the structure, indicate that it is a commercial discovery with oil in place of approximately 16 mmbo and expected recovery factors between 20% and 40%.
Eskene North
The Company has decided to move the planned drilling location at Eskene North to another preferred location on the structure. Preparation of the alternate location is expected to take several weeks, but is not expected to hinder the Company's ability to complete the drilling of its post-salt portfolio prior to March 2013, subject to additional financing for wells beyond those covered by the equity for drilling services agreement with its drilling contractor, Zhanros Drilling, LLP.
Enquiries: Β Max Petroleum Plc Β Michael Young President and Chief Financial Officer Tel: +44 (0)207 355 9590 Β Tom Randell Director of Investor Relations
Β College Hill David Simonson/ Anca Spiridon Tel: +44 (0)207 457 2020 Β WH Ireland Ltd Daniel Bate / Katy Mitchell Tel: +44 (0)161 832 2174 Β Β Macquarie Capital Steve Baldwin/ Jeffrey Auld/ Nicholas Harland Tel: +44 (0)203Β 037 2000 Β Oriel Securities Michael Shaw / Ashton Clanfield Tel: +44 (0)207Β 710 7600 Β |
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