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16 Dec 2011 07:00
Max Petroleum Plc
("Max Petroleum" or the "Company")
Operational Update
Extension of Trial Production Project for Zhana Makat Field
16 December 2011
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announced today that the Kazakh Government has approved a 3 month extension of Max Petroleum's trial production project for the Zhana Makat Field until 15 March 2012. The extension is expected to provide the necessary time required for the Company to obtain final regulatory approval to convert Zhana Makat to full field development ("FFD") status under its Blocks A&E exploration and production contract (the "Contract"). The Ministry of Oil and Gas has approved the proposed terms for FFD in general, subject to review and final approval by several other regulatory agencies. FFD approval will allow the Company to develop and produce the field for up to 25 years, as well as grant the Company a right to sell 80% of its crude oil production subject to FFD on the export market under the terms of the Contract.
Enquiries:
Max Petroleum Plc
| Michael Young President and Chief Financial Officer | Tel: +44 (0)20 7355 9590
|
Tom Randell Director of Investor Relations
| ||
Merlin PR
| David Simonson / Anca Spiridon | Tel: +44 (0)207 726 8400 |
WH Ireland Ltd
| Daniel Bate / Robin Gwyn | Tel: +44 (0)161 832 2174
|
Macquarie Capital | Paul Connolly / Steve Baldwin | Tel: +44 (0)203 037 2000 |
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