MXP.L Share News (MXP)

The share price of Kazakhstan-focused oil firm Max Petroleum tanked on Monday morning after the company said it has plugged and abandoned the KAW-1 exploration well on the Karsak West prospect on Block E.The Sun ZJ-30drilling rig will now move to drill the UTS-1 exploration well on Uytas prospect on Block A.Bermuda-based oil and gas explorer Dominion Petroleum said the initial studies performed on existing two dimensional seismic data on its deepwater block 7 prospect in Tanzania have identified numerous positive indications.The results should help the company re-assess volumes and improve the chances of success (CoS), not only for the Alpha prospect, but for all prospects mapped within, and immediately adjacent to, the survey area.Dominion has also released the competent person's report prepared by Energy Resource Consultants on the first prospect, Alpha, in Block 7. The report confirms a mean prospective resource of 1.1bn barrels as the oil case and seven trillion cubic feet as the gas case. ERC have risked the prospect with a 12% CoS overall. Individually, the various objectives within Alpha are estimated to have a CoS of between 9% and 15%.PetroNeft Resources has issued an operation update on its licences 67 and 61 at Tomsk Oblast.On licence 67 the results of the well re-evaluation are described as "very encouraging" and indicate several zones of potential oil pay that were either not properly identified or not properly tested in the old wells.Work to date has focussed on two potential development opportunities at Ledovoye and Cheremshanskaya. The company expects to book some 2P (proved plus probable) reserves at Ledovoye at this year end, but will need to flow test the oil intervals in the Cheremshanskaya structure before it can recognise any 2P reserves there. On licence 61, drilling of the ninth of the planned nine production wells at the Lineynoye oil field has now been completed ahead of schedule. Preliminary log and survey data indicate that this well has encountered some of the thickest net pay to date in the development programme.Shares in Europa Oil & Gas were chased higher on Monday after the company announced a 250% increase in the P50 remaining reserves estimate at its West Firsby field, to 1.4m barrels. In order to recover these additional reserves, up to three new wells will be required on the field.