Max Petroleum Third Successful Well Drilled in Uytas Field
Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce today that the UTS-3 confirmation well in the Uytas Field has reached a total depth of 825 metres, with electric logs indicating a total of 31 metres of net oil pay in Cretaceous and Jurassic formations. This includes 17 metres of net oil pay in Cretaceous sandstone reservoirs at depths ranging from 120 to 150 metres, with porosities ranging from 25% to 34%. In addition, 14 metres of pay are indicated in Jurassic reservoirs at depths ranging from 422 to 509 metres. The Company will complete and test the well using a workover rig after obtaining the requisite governmental approvals. The Company plans to drill one additional appraisal well in the field during September 2011 and acquire a high-fold 3D seismic survey over the Uytas structure in October 2011, in order to facilitate preparation of a long-term appraisal and development programme for the field.
James A. Jeffs, Executive Co-Chairman, commented:
“The UTS-3 well was drilled approximately 50 metres lower structurally than the first two wells to help define regional oil water contacts in the field. Besides drilling a third successful well in Uytas with excellent reservoir quality, we are very encouraged to see that the Jurassic pay intervals in this down-dip well appear to be thicker than on the crest, indicating additional Jurassic potential in the field.”