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Max Petroleum increases reserves after recent drilling

Max Petroleum increases reserves after recent drilling

Max Petroleum (LON:MXP) revealed an increase in the group’s oil and gas reserves.

The inventory has been updated to incorporate the latest drilling results, forward oil pricing and other technical information. Four additional wells have been drilled since the last reserves statement, which was in March.

Proved and probable (2P) reserves, as of September 30, are now stated as 9.9mln barrels oil equivalent, up 4% from 9.5mln barrels in the March assessment.

Proved, probable and possible (3P) reserves rose 4% to 10.8mln barrels, from 10.4mln barrels in March.

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