Max Petroleum spud ASK-1 exploration well in Kazakhstan
Max Petroleum has started drilling on the ASK-1 exploration well on the Asanketken prospect in Kazakhstan, Proactiveinvestors reported.
It is the company ninth exploration well in a fifteen well program on pre-salt prospects on blocks A&E in Western Kazakhstan.
The well will be drilled to a total depth of 3,300 metres and it is targeting potential Triassic reservoirs.
The A&E Blocks comprise two onshore areas of the Pre-Caspian Basin covering 12,455 square kilometres.
MXP has previously acquired 4,980 square kilometres of exploratory 3D seismic data over the blocks, generating an inventory of shallow, post-salt and deep, pre-salt exploration prospects.
Earlier this month Max arranged a US$75 million placing to help support its ongoing exploration and appraisal activities.
It issued about 309 million new shares to with new and existing investors at 17 pence each.
Max Petroleum is an independent Oil and Gas exploration company with an initial focus in the Republic of Kazakhstan. The Group's strategy is to maximise the value generated from the Group's capital spending programme over the next three to five years by properly capitalising on the Group's extensive 3D and 2D seismic and other geological data acquired on its exploration acreage in the Pre-Caspian Basin.