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Max Petroleum reports rise in Sagiz West reserves

Last updated: 09:09 11 Feb 2014 GMT, First published: 10:09 11 Feb 2014 GMT

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Max Petroleum (LON:MXP) has announced a 40% increase in proved and probable (2P) reserves for the Sagiz West field, in Kazakhstan.

The revision comes after four appraisal wells were drilled last year – two of which were unsuccessful - and it gives the field 2.2mln barrels of oil 2P reserves.

The 3P figure, which also includes ‘possible’ barrels, increased 30% to just over 3mln barrels.

Max said it plans to drill three more appraisal wells in the next few months; that includes the SAGW-10 which is currently underway. And it intends to incorporate the findings of this programme in its next reserve report, for the period ending March 31 2014.

The group revealed last month that partnering talks, over its deep drilling ventures, had come to an end, and it was kicking off a cost cutting programme as a result.

At that time it said there are limited opportunities to increase reserves, beyond a modest increase for the Sagiz West field, as a result of recent wells.

The company said there are limited opportunities to increase reserves, beyond a modest increase for the Sagiz West field, as a result of recent wells.

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