Max Petroleum PLC, an oil and gas exploration and production company focused on Kazakhstan,
said Friday that it has commenced drilling the UTS-5 exploration well
in the Uytas North prospect on Block A using Zhanros Drilling's ZJ-20
rig.
The Uytas North prospect is a four-way anticline, targeting
Triassic resource potential of 11 million barrels of oil with a
geological chance of success of 24%. Total vertical depth of the well
will be 840 meters.
After completing the UTS-5 well it is planned that the ZJ-20
rig will proceed to drill the UTS-8 well in the Uytas Field, which, if
successful, will extend the Western limits of the Uytas Field.
Max Petroleum shares at 0820 GMT traded up 0.3%, at 4.0 pence, valuing the company at GBP73.4 million.