Max Petroleum Plc: Operational Update 8 June

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is  pleased to announce an operational update of its activities in the Blocks A&E Licence area.

Successful Appraisal Well at Asanketken
The ASK-J2 appraisal well in the Asanketken Field has reached a total depth of 1,401 metres with  electric logs indicating nine metres of net oil pay in two zones at depths ranging from 1,286 to 1,322  metres in the same Middle Jurassic reservoirs that were proven productive in the first three wells  drilled in the Field. Reservoir quality appears excellent with porosities ranging from 18% to 30%. The  Company is running production casing in the well, which will be completed and placed on test  production as soon as possible. The Zhanros ZJ-20 rig will now move on to drill the Baichonas West  prospect in Block E, the first of seven remaining shallow post-salt exploration prospects the  Company intends to drill prior to March 2013.

Production Test at Asanketken Field
The ASK-J1 well in the Asanketken Field has begun testing in a Jurassic reservoir from depths  between 1,308 and 1,316 metres, flowing at a stable rate of 300 barrels of oil per day (“bopd”). This is the first of six zones which will be produced on test production for up to 90 days each. The Asanketken Field is currently producing approximately 2,000 bopd from three wells.

New Exploration Prospect in Block E
After completion of the final technical review of recently acquired 3D seismic data in western Block  E, a new post-salt prospect has been added to the drillable portfolio. Tolegen West is a four-way  Triassic rim prospect located near the Tolegen Field in Block E. It is estimated by the Company to  have recoverable resource potential of eight million barrels with a geologic chance of success  of 26%. Including Tolegen West, the Company estimates the total unrisked mean resource potential  of the seven prospects in the Company’s post-salt exploration portfolio on Blocks A&E is now 67  million barrels of oil (“mmbo”) with risked mean resource potential of 24 mmbo.


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