MXP.L Share News (MXP)

Max Petroleum shares rallied after the Kazakhstan-focused oil firm said it has made a potential new oil discovery in the Zhana Makat Field.The group's ZMA-A15 development well has reached a total measured depth of 1,525 metres, with electric logs indicating 30 metres of net oil pay, including two Jurassic sandstone reservoirs with 12 metres of net oil pay at true vertical depths ranging between 780 and 829 metres, as well as two Triassic sandstone reservoirs with 18 metres of net oil pay at true vertical depths ranging between 1,277 and 1,331 metres."Finding new Triassic potential in the Zhana Makat Field reflects the application of learnings from the company's ongoing post-salt exploration programme in Blocks A&E," said Presidents and CFO Michael B. Young."Our technical team moved the original location of the ZMA-A15 well to evaluate the Field's Triassic potential in response to our earlier Triassic discovery in the Borkyldakty Field, as well as our revised estimate of the Triassic potential in our upcoming Karsak West prospect that we expect to begin drilling by the end of August," he added.