Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

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

no_picture_pai.jpg

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.

View full ADM profile View Profile

Archer Daniels Midland Timeline

Newswire
July 31 2012

Related Articles

Timber operations
July 10 2018
"Don't get fixated on hurdles in Mozambique," is the message; it's a decreasing part of the business. Far more important is securing the trade finance that would enable the company to scale-up

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use