Proactive Investors - Run By Investors For Investors

Max Petroleum to drill ‘deep salt’ Emba B target next month

Max Petroleum to drill ‘deep salt’ Emba B target next month

Max Petroleum (LON:MXP) is now preparing to receive a deep drilling rig for its potentially high impact ‘deep salt’ drill programme in Kazakhstan.

In this morning’s statement Max said that the Saipem's National 1625 DE onshore drilling rig has now been release pre-salt exploration programme has now been released from its previous job and it is on its way to the drill site for the NUR-1 well, on the Emba B prospect in Block E, Kazakhstan. 

Max reckons that drilling will get underway on the NUR-1 on or before October 31 2011.

At the moment the company is currently drill shallower targets in Kazakhstan, with some success.

On Monday it announced the new Sagiz West  oil discovery in the SAGW-1 exploration well.

The company’s analysis indicates that SAGW-1 encountered 27 metres of net pay, with 21 metres oil and six metres of gas pay, over a 114-metre interval in the Triassic formation at measured depths of between 1,177 and 1,291 metres. The firm said that reservoir quality is “very good” with porosities ranging from 18 per cent to 25 per cent. 

Max had been targeting an estimated, un-risked mean resource of 26 million barrels of oil at Sagiz West. 

The discovery was a significant result but analysts believe the ‘deep salt’ targets have the potential to dwarf these shallower targets. Earlier this week Merchant Securities analyst Brendan Long said that if Max’s Emba B project is a success it may prove to be ‘considerably more valuable’ than the brokers’ US$610 million pre-drill estimate. 

View full MXP profile View Profile

Max Petroleum Timeline

Related Articles

picture of oil wells
September 06 2017
The core of the portfolio is in the East Midlands Basin, which includes the Wressle-1 oil discovery
picture of oil rig
September 26 2017
The two wells drilled recently at Coora 1 chipped in an average 202 barrels
onshore oil operation
March 16 2017
“We are now in the process of starting to unlock the inherent value in our asset base,” said chief executive Andrew Knott.

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 Investor UK 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