News 2012
# 1 (73) February, 2012Max Petroleum
Shares in Max Petroleum rose after the Kazakhstan focused oil firm reported flow test results from two of its wells, which will soon be placed on long term test production.
The SAGW-1 well on the Sagiz West Field in Block E flowed at a stable rate of 430 barrels per day from the Triassic reservoir over a 17 hour period, Max said in today's operational update.
Only last week, Max spudded the SAGW-3 appraisal well on the field, targeting Triassic reservoirs.
Max had reported in December that the first appraisal well for the Sagiv West discovery, SAGW-2, did not encounter producible hydrocarbons.
While it found oil shows, the results indicated it was drilled close to the edge of the field.
Max said at that time that it had confidence that it could successfully appraise the Sagiz West discovery with the next two wells.
The company has also started testing a second Jurassic reservoir in the ASK-1 well in the Asanketken Field, which flowed oil at 1,005 barrels per day over a 24 hour period.
Investors welcomed the results as shares in Max rose 2.5 percent to trade at 10.5 pence in early deals, valuing the company at 106.25 million.
Both wells are connected to temporary production facilities and will be placed on long-term test production for up to 90 days, Proactive Investor said.