Max Petroleum Plc Provides Drilling Update on Blocks A&E Licence in Western Kazakhstan ; Reports Production Results for the Year Ended March 31, 2013; Provides Production Guidance for the Current Fiscal Year Ending March 31, 2014
May 01, 2013 at 02:00 am EDT
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Max Petroleum Plc announced drilling update regarding its activities in the Blocks A&E Licence in Western Kazakhstan. 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 with a current geological chance of success of 24%. 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 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.
The company reported production results for the year ended March 31, 2013. For the year, the company's total production averaged 3,346 barrels of oil per day, 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.
The company provided production guidance for the current fiscal year ending March 31, 2014. For the 2014, the company is expected that production will average between 4,500 and 6,000 bopd.
Max Petroleum Plc is a United Kingdom-based independent oil and gas exploration and production company. The Company is engaged in the business of exploration, development and production of oil and gas assets within the Republic of Kazakhstan. The Company holds interests in the Blocks A&E License area covering approximately 12,460 square kilometers in the Pre-Caspian Basin in Western Kazakhstan. The Pre-Caspian Basin has produced various oil and gas discoveries, including the super-giant Tengiz, Kashagan, Karachaganak and Astrakhan fields, which range in size from 7 to 20 billion barrels of oil equivalent in recoverable reserves. The Company is also engaged in the production and sale of hydrocarbons. The Company has approximately eight post-salt discoveries on its Blocks A&E License, including the Zhana Makat, Borkyldakty, Uytas, Asanketken, East Kyzylzhar I, Sagiz West, Baichonas West and Eskene North fields.
Max Petroleum Plc Provides Drilling Update on Blocks A&E Licence in Western Kazakhstan ; Reports Production Results for the Year Ended March 31, 2013; Provides Production Guidance for the Current Fiscal Year Ending March 31, 2014