Here we go! This is what MXP is really all about. The Pre-Salt prospects. Great news today – the Rig contract has been extended to two wells and the first is due to spud in August.
Just look at the numbers below. 29% CoS at hitting almost 500mln barrels in one well alone never mind the second well. And the best bit… MXP have a delicious 100% interest. No farm outs, no fuss and two major drills now pen’d in.
MXP has to be one of the most outstanding E&P plays based on high impact exploration and low impact exploration plus enhanced cash flow and current production at near 3000bopd levels and rising.
Market cap – £168mln. What a bargain!
26 April 2011, Max Petroleum Plc
Execution of Drilling Contract for Pre-Salt Exploration
Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, is pleased to announce that it has entered into a contract with Saipem, a subsidiary of Eni, S.p.A., for a National 1625 DE onshore drilling rig for its deep, pre-salt exploration programme. The contract secures the use of the 3,000 hp rig to drill a minimum of two deep wells in the Company’s Blocks A&E licence area.
The Company plans to commence drilling the NUR-1 well on the Emba B prospect in Block E during August 2011, targeting unrisked mean resource potential of 467 million barrels of oil equivalent (“mmboe”) distributed over a probable range (P90 to P10) of 170 million to 817 million mmboe with a 29% geological chance of success.