More success for MXP on the shallows. This really does improve the production potential and is one of many successful drills in 2011. The current share price reflects the concerns over riots in the region more than the value of the company. MXP has had a terrific 2011 yet looking at the sp – you wouldn’t know it.
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22 December 2011, Max Petroleum Plc
Successful Appraisal Well in the East Kyzylzhar I Field
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that the KZIE-2 appraisal well in the East Kyzylzhar I Field has reached a total depth of 1,294 metres, with electric logs indicating seven metres of net oil pay, including two metres in the Cretaceous Neocomian reservoir at depths from 627 to 629 metres, and five metres in the Jurassic reservoir at depths from 1,214 to 1,220 metres. Reservoir quality appears excellent with porosities ranging from 25% to 30%. The Company will run production casing in the well, which will be completed and placed on test production after obtaining the requisite governmental approvals. The ZJ-20 drilling rig will next move on to drill the SAGW-3 appraisal well in the Sagiz West Field.
I agree, anytime we get anything close to upward pressure, Mac are selling into it and we come right back down, explains why we aint moved up properly on any good news, and my god there has been some, from sorting funding, debt, increasing P2, breaking even, Spudding Emba,increase BOPD the list goes on. and we start the year at 20p and hit 10p this week. incredible.
more success. not sure I agree with you hub that the riots is what is keeping this low.
we have hit oil 12 times and done feck all, before the riots even started, so I cant attribute the lack of success to the riots.
and to be fair, seen a few reports today that sugguest the riots are really a storm in a tea cup, and have now ended
Dan,
MXP is down due to MacQ and their buddies selling their cheap warrants.