MXP.L Share News (MXP)

Shareholders in high flying Kazakhstan-focused oil explorer Max Petroleum took some profits after the company issued an operational update on Monday. The company has completed initial testing of the UTS-1 well in the Uytas Field. Current mapping indicates that the UTS-1 well is approximately 20 metres below the crest of the structural closure creating the reasonable possibility that additional Jurassic reservoirs will be productive elsewhere in the field. The Jurassic reservoirs in the well are of excellent quality, the company said, with porosity averaging 29%. A section in the Triassic Formation was also tested and found to be non-productive."We believe this test, combined with the large volume of oil in place in the Cretaceous, confirms Uytas as a significant post-salt discovery," said Robert Holland, executive co-chairman of Max.