Max Petroleum estimates Kazakhstan well as successful
British oil explorer Max Petroleum Plc said it was encouraged by the drilling results at a well in Kazakhstan, which indicated 36 metres of potential net oil pay, Reuters reported.
Oil pay or net pay refers to the zone of a reservoir that contains economically producible oil.
The Kazakhstan-focused company also said it recorded significant shows of oil and gas in the Kungurian salt near total depth of the UTS-4 well in Uytas field.
"The oil and gas show below the salt was a pleasant surprise we plan to evaluate further through future wells and the development 3D seismic data we will acquire in October," the company said in a statement.
In July, Max Petroleum forecast higher daily output for the third quarter, as it planned to bring four new wells on stream.
The company's shares, which have gained more than a quarter of their value over the last month, closed at 15 pence on Monday on the London Stock Exchange, valuing the firm at about 140 million pounds.