MXP.L Share News (MXP)

Kazakhstan-focused oil and gas group Max Petroleum has changed its course of action at the ASK-1 well on the Asanketken prospect as a result of technical difficulties.The group has now decided to complete the ASK-1 well as a Jurassic producer due to "ongoing performance issues with the drilling rig and contractor and [the] deterioting condition of the uncased wellbore below 2,000 metres." On 12 May, Max said that drilling had been slower-than-expected but had reported a Jurassic discovery at depths between 1,230m and 1,302m.Now, the firm will drill a second well (ASK-2) in July to both test the prospect's Triassic poetntial and to further appraise the previously-announced Jurassic discovery."While the decision to complete the ASK-1 well into the Jurassic and to test the Triassic in the next well was not an easy one to make, we believe it will benefit the company and our shareholders by allowing us to get the Jurassic discovery on production and generating meaningful revenue and cashflow sooner than expected," said executive co-chairman James Jeffs.---BC