Azerbaijan, Baku, May 3 / Trend E. Kosolapova/
Max Petroleum Plc, which is focused on Kazakhstan, increased production by approximately 19 percent to 3,346 barrels of oil per day in the fiscal year ending on March 31, 2013, compared to the previous year, the company reported.
This increase is in line with the production plan for this period.
For the current fiscal year ending on 31 March 2014, it is expected that the production will average 4,500-6,000 barrels of oil per day.
Moreover, according to the report, Kazakhstan's Oil and Gas Ministry progressed the final ratification of the two-year extension of the exploration period of the company's license, which is now expected in May 2013.
The approval of the Appraisal Extension is the single remaining requirement for the company to convert the Asanketken Field to trial production status and resume continuous production from all its four wells in the field in order to gather the required technical data to progress Asanketken to full field development status during 2014.
The Company has already received a gas flaring permit for the field and expects to resume production during May 2013 with a combined productive capacity in excess of 2,000 barrels of oil per day from the Asanketken wells.
Max Petroleum Plc is an oil and gas exploration and production company focused on Kazakhstan. The company holds a 100 percent of A and E License Blocks covering over 12,455 squire kilometers in the highly prolific Pre-Caspian Basin in Western Kazakhstan.
Kazakhstan-focused Max Petroleum increases oil production
Max Petroleum Plc, which is focused on Kazakhstan, increased production by approximately 19 percent to 3,346 barrels of oil per day in the fiscal year ending on March 31, 2013, compared to the previous year