Max Petroleum begins drilling NARS-1 exploration well on Narmundanak South prospect

2011-05-12 08:19:00

Max Petroleum (LON:MXP) announced that drilling has commenced at the NARS-1 exploration well on the Narmundanak South prospect in Block E in Kazakhstan.This is the tenth of the company’s 15 post-salt exploration prospects.The total depth of the well will be approximately 1,700 metres, targeting Triassic reservoirs.Max also reported that drilling at the ASK-1 exploration well in the Asanketken prospect on Block E has been slower than expected. The slowdown has been attributed to mechanical problems with the drilling rig.This well is yet to reach the primary Triassic target section, which is expected to be evaluated in the next several weeks.The company earlier announced a Jurassic discovery in the ASK-1 well, where it intersected 24 metres of net oil pay at depths between 1,230 and 1,302 metres.Meanwhile, drilling at the ZMA-ET2 appraisal well in the Zhana Makat Field has reached total depth at 1,492 metres and is preparing to log.Back in late April, Max had its appeal of an ongoing tax claim rejected by the Court of Cassation, a panel of the Almaty City Court in Kazakhstan. The company decided to again appeal the case to the Supreme Court.The ruling means that the local tax authorities now have the right to require payment of the tax claim prior to the ruling of the Supreme Court. The current balance of the claim is about $13.7 million.