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26 Apr 2011 07:48
Max Petroleum Plc
("Max Petroleum" or the "Company")
Execution of Drilling Contract for Pre-Salt Exploration
26 April 2011
Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce that it has entered into a contract with Saipem, a subsidiary of Eni, S.p.A., for a National 1625 DE onshore drilling rig for its deep, pre-salt exploration programme. The contract secures the use of the 3,000 hp rig to drill a minimum of two deep wells in the Company's Blocks A&E licence area.
The Company plans to commence drilling the NUR-1 well on the Emba B prospect in Block E during August 2011, targeting unrisked mean resource potential of 467 million barrels of oil equivalent ("mmboe") distributed over a probable range (P90 to P10) of 170 million to 817 million mmboe with a 29% geological chance of success.
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 / Katy Mitchell | Tel: +44 (0)161 832 2174 |
Macquarie Capital Advisers | Paul Connolly / Ben Oakley | Tel: +44 (0)203 037 2000 |
MXP.L (MXP)
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