LONDON (Alliance News) - Max Petroleum PLC Thursday said it had achieved further successful drilling results from its East Kyzylzhar I Field, finding two high quality reservoirs in its KZIE-4 appraisal well.
The oil and gas company with operations in Kazakhstan said the KZIE-4 appraisal well was drilled to a total depth of 1,318 metres and its electric logs have indicated a 15 metre space of net oil pay in two Jurassic reservoirs, including ten metres of net pay in an interval at vertical depths between 837 and 861 metres and five metres of net pay in an interval at vertical depths between 1,155 and 1,171 metres.
The company said the reservoir quality was excellent with porosities ranging from 30% to 36%, and it is now setting production casing in the well to begin production testing the well as soon as possible.
Max Petroleum said its drill rig for the well will now move to its KZIE-3 appraisal well before moving on to its Zhana Makat field.
The news comes weeks after the company announced that drilling at its KZIE-5 well on the same site reached a depth of 1,295 metres and logs indicated a seven metre region of net oil pay in two Jurassic reservoirs over a 22 metre space at depths between 1,150 and 1,172 metres.
Max Petroleum shares were up 13% to 1.54 pence, putting it in the top five AIM ALL-Share risers Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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