Max Petroleum New Oil Discovery in East Kyzylzhar I
Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce today that the KZIE-1 exploration well in the East Kyzylzhar I prospect has reached a total depth of 1,620 metres, with electric logs indicating 17 metres of net oil pay in two Jurassic sandstone reservoirs at depths ranging between 987 and 1,251 metres. Reservoir quality appears excellent with porosities ranging from 20% to 30%. The Company is running production casing in the well, which is expected to be completed and placed on test production in approximately 60-90 days.
Robert B. Holland, Executive Co-Chairman, commented:
“We have now made five field discoveries since we renewed our post-salt exploration programme in January 2010, with another three post-salt prospects to test this quarter alone. We are well positioned to execute on our exploration programme regardless of macro market conditions and look forward to continue generating significant value for our shareholders in the very near-term.”