Max Petroleum finds oil in ZMA-ET2 well at Zhana Makat field

2011-05-16 08:55:00

Max Petroleum (LON:MXP) reported excellent reservoir quality in its ZMA-ET2 appraisal well in the Zhana Makat field in Kazakhstan, which intersected 18 metres of net oil pay.The well has reached a total depth of 1,492 metres and will now be completed and tested using a workover rig after obtaining necessary regulatory approvals.In a project update released last week, Max told investors that it had commenced drilling at the NARS-1 exploration well on the Narmundanak South prospect in Block E, targeting Triassic reservoirs. Meanwhile, drilling at the ASK-1 exploration well in the Asanketken prospect on the block had been slower than expected due to mechanical problems with the drilling rig.Max earlier announced a Jurassic discovery in the ASK-1 well with 24 metres of net oil pay.The company has recently had its appeal against an ongoing tax claim rejected by the Court of Cassation in Almaty, Kazakhstan. The ruling meant that the local tax authorities could require Max to pay the US$13.7 million tax claim.Max said that it was appealing the case to the Supreme Court.“The company does not expect any material impact on the company's ongoing exploration and development drilling programme,” Max said at the time.Shares in the company climbed 3 percent to 16.5 pence on today’s news.