Max Petroleum Plc provide operational update

Max Petroleum Plc provide operational update

Successful Development Well in Zhana Makat
Drilling of Baichonas West Appraisal Well
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce a drilling and operational update regarding its activities in the Blocks A&E Licence in Western Kazakhstan (the “Licence”).
Zhana Makat Field
The ZMA-E5 development well in the Zhana Makat Field has successfully reached a total depth of 871 metres, encountering hydrocarbons in Jurassic sandstone reservoirs in line with expectations. The Company plans to complete the well and then place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the ZMA-E6 development well in the Zhana Makat Field before moving to Block A to drill the Uytas North Prospect, targeting resource potential of 11 million barrels of oil (“mmbo”) with a current geological chance of success of 24%.
Baichonas West Field
The Company has spudded the BCHW-2 well, the first appraisal well in the Baichonas West Field, which was discovered in September 2012. The initial results of logging and production testing of the BCHW-1 well indicated a commercial discovery with oil in place of approximately 16 mmbo from Jurassic reservoirs with an expected recovery factor of between 20% and 40%. The BCHW-2 well will be drilled with a ZJ-30 rig from our drilling contractor, Zhanros Drilling LLP, to a depth of approximately 1,400 metres.
Sagiz West Field
After drilling the BCHW-2 well, the Company will move the ZJ-30 rig to drill the SAGW-4 appraisal well in the Sagiz West Field. Preliminary mapping of recently acquired high-fold 3D seismic data has confirmed the location of SAGW-4, four km south of the SAGW-3 well, as prospective. If successful, the new well will substantially extend the known productive area of the field. The results of the SAGW-4 well, together with the new seismic data, will be crucial in evaluating a significant portion of the 79.8 mmbo of in-place contingent resources in the field, as well as assisting the Company in the design of the future appraisal and development plan for the field.
Uytas Field
The Company is currently tendering for a third shallow drilling rig to conduct a 13-well appraisal programme for the Uytas Field. These wells, which will vary in depth between 200 and 550 metres, will appraise a significant portion of the 27.2 mmbo of conventional in-place contingent resource potential in the field and assist in preparation of a full-scale development plan.
Production Update
Total production during the fiscal year ended 31 March 2013 averaged 3,346 barrels of oil per day (“bopd”), an increase of approximately 19% from average production of 2,807 bopd in the prior year. This increase is in line with the Company’s guidance that production would average between 3,200 and 3,600 during this period. For the current fiscal year ending 31 March 2014, it is expected that production will average between 4,500 and 6,000 bopd.
Source: Max Petroleum Plc
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