MXP.L Share News (MXP)

Max Petroleum, the AIM listed oil and gas exploration and development company, has made a new oil discovery in East Kyzylzhar, Kazakhstan. The company's KZIE-1 exploration well has reached a depth of 1,620 metres, with electric logs indicating 17 metres of net oil pay in two Jurassic sandstone reservoirs at depths ranging between 987 and 1,251 metres. The group has reported that the reservoir quality appears excellent with porosities ranging from 20% to 30%. Production casing in the well is expected to be completed and placed on test production in about 60-90 days. Robert Holland, Executive Co-Chairman, said: "We have now made five field discoveries since we renewed our post-salt exploration programme in January 2010, with another three post-salt prospects to test this quarter alone. "We are well positioned to execute on our exploration programme regardless of macro market conditions and look forward to continue generating significant value for our shareholders in the very near-term." The share price was up 4.44% to 11.75p at 14:38. NR