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Max Discovers Oil at Eskene North

January 3 2013, 11:54

Max Petroleum Plc, UK-based oil and gas exploration and production company focused on   Kazakhstan, announces that the ESKN-1 exploration well in the Eskene North prospect has reached a depth of 1,507 metres with electric logs indicating 20 metres of net pay over an 90 metregross interval in the Triassic Formation at measured depths between 1,272 and 1,362 metres. Reservoir quality is fair with porosities ranging from 15% to 20%, reads the company press release.

The Company is setting production casing in the well and expects to begin testing ESKN-1 [early in] 2013 to determine commerciality after obtaining the relevant government approvals. The Zhanros rig will now move to drill the Tolegen West prospect in Western Block E, targeting eight million barrels of mean resources.

Michael Young, President and Chief Financial Officer of Max Petroleum commented: "The Eskene North discovery looks to have substantial oil in place though the porosity is of lower quality than we have seen in some of our other post-salt Triassic discoveries. We will announce the results of our production test as soon as possible and look forward to confirming our eighth commercial discovery.”

Since November 2009, Max Petroleum has drilled a total of 32 wells including 14 exploration wells generating five commercial discoveries at the Borkyldakty, Uytas, Asanketken, East Kyzylzhar I and Sagiz West fields. While Max Petroleum is principally focused on exploration activities, it is also significantly increasing production as these five new fields are brought online adding to the output from  the Zhana Makat Field which has been in production since 2007. 

WKT

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