Oil and gas explorer Max Petroleum Plc (MXP.L) said on Thursday that Kazakhstan's energy ministry had extended the exploration period of the company's Astrakhanskiy block licence by two years until Jan. 12, 2012, Reuters reported.
The Kazakhstan-focused company said the amendment to the licence also established a three-year work programme, including a commitment to start drilling the first exploration well on the block by Dec. 31, 2009.
"The amendment is an important milestone for the company as it removes an uncertainty regarding the status of the licence and should provide us with a better opportunity to complete a farmout or sale of the Astrakhanskiy licence in the future," Michael Young, the company's president and chief financial officer, said in a statement.
Max Petroleum shares were up 1.5 pence at 11.5 pence at 0840 GMT on the London Stock Exchange.
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