Max Petroleum sees higher Q3 output; extends Kazakh trial production
Max Petroleum forecast higher daily output for the third quarter, as it planned to bring four new wells on stream, and the British oil explorer also extended trial production from a field in Kazakhstan after getting approval, Reuters reported.
The Kazakhstan-focused explorer, which currently produces about 2,200 barrels of oil per day (bopd), said it expects daily production to rise to over 3,000 bopd.
Max said it had received government approval to extend trial production from its Zhana Makat field until Dec.15 this year, as it seeks a regulatory go-ahead to fully develop and produce the field.
The regulatory approval, which is expected to come through in the fourth quarter, will allow the company to develop and produce from the field for up to 25 years and also grant it the right to export 80 percent of its crude oil production.
Max Petroleum shares, which have lost more than a quarter of their value since Kazakhstan rejected its tax claim in April, closed at 12.75 pence on Friday.
($1 = 0.626 British Pounds)