MXP.L Share News (MXP)

Shares in Kazakhstan-focused oil explorer Max Petroleum hit a 52-week high Thursday morning after a good result on its first Uytas discovery well (UTS-1).Initial test results from the Cretaceous reservoir in the UTS-1 discovery well indicate a 55 metre oil column with 31 metres of net oil pay. Based on a probable oil/water contact at 161 metres as indicated by revised petrophysical analysis and current mapping, the potential oil in place for the Cretaceous reservoir is estimated to be between 85 and 135 million barrels of oil.Additional intervals in the Triassic and Jurassic are currently being tested. A full update will be made as soon as the testing is complete, which is expected in the next several weeks.Max Petroleum plans to drill three confirmation wells in the first quarter of 2011 and has tendered for a ZJ-20 shallow rig to drill the wells. The company also intends to acquire a high-fold three-dimensional seismic survey over the Uytas structure specifically designed to image the shallow reservoirs in the field as soon as practicable.Elsewhere, government approval has been received to extend the trial production project (TPP) for the Zhana Makat Field for six months to 1 July, 2011.The TPP extension allows the company to drill two additional Triassic wells in the field. The company expects to drill these wells in the first quarter of 2011.