The art of releasing news to the market is that you bury bad news on a Friday and announce good news on a Monday. The theory being that poor news on a Friday will be forgotten come Monday.
MXP certainly seem to be following the RNS text book as today’s news is certainly much much better than the ugly stuff issued late last week.
However, the below update will come as little pleasure to Shareholders who are still scratching their heads over how MXP’s forecast $21mln NUR-1 drill has almost doubled in expense. The drill has encountered delays – but no where near double the predicted time.
The BoD’s stopped a long way short of telling shareholders the full financial situation of the business which is in the context of their RNS – very poor. Most companies would have provided detailed guides to the cash flow, cash at bank and implications on both the Deep targets and the shallow fields such that below on ASk-J2.
Shareholders deserve greater clarity in situations like MXP’s. Perhaps if shareholders flooded MXP’s phone line and email contact – the company might actually get the message that they can indeed avoid such day to day ‘traffic’ if they simply communicated properly via the RNS channels.
If want to ask MXP some questions give them a buzz on + 44 (0) 20 7355 9590.
Operational Update, 25 June 2012
Production Test at Asanketken Field
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces that the ASK-J2 well in the Asanketken Field has begun testing in a Jurassic reservoir from depths between 1,307 and 1,312 metres, flowing at a stable rate of 503 barrels of oil per day (“bopd”) with no water. This zone will be produced on test production for 90 days.