Max Petroleum finds oil in Kazakhstan well
Oct 21. Reuters
* Says finds 12 metres of oil at ASK-2 well
* Says running more tests to evaluate further potential
* Shares up nearly 4 pct
British oil explorer Max Petroleum Plc said it found oil at one of its wells in Kazakhstan, a month after encouraging results at one of its other wells in the country.
London-listed Max Petroleum’s shares, which have shed more than a quarter of their value so far this year, were trading up nearly 4 percent at 13.5 pence by 0800 GMT on Friday.
The Kazakhstan-focused company said it found 12 metres of net oil pay – the zone of a reservoir that contains economically producible oil – at the Jurassic layer of the ASK-2 well in the Asanketken Field, at a depth of 1,284 metres and 1,308 metres.
Max Petroleum said it was running further tests before drilling to a total depth of about 3,300 metres to reach the well’s Triassic reservoir, which has an unrisked mean resource potential of 50 million barrels of oil.
Last month, the company said it was encouraged by the drilling results at a well in Kazakhstan, which indicated 36 metres of potential net oil pay.
The explorer also said one of its prospects in the Block E licence area in Kazakhstan was non-commercial, following disappointing results at one of the wells at the site that prompted it to abandon the well.