Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that the SAGW-1 exploration well in the Sagiz West prospect has reached a depth of 1,406 metres with electric logs indicating 27 metres of net pay, including 21 metres of oil and 6 metres of gas pay, over a 114 metre interval in the Triassic formation at measured depths between 1,177 and 1,291 metres, Max Petroleum reported.
The report says that Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that the SAGW-1 exploration well in the Sagiz West prospect has reached a depth of 1,406 metres with electric logs indicating 27 metres of net pay, including 21 metres of oil and 6 metres of gas pay, over a 114 metre interval in the Triassic formation at measured depths between 1,177 and 1,291 metres.
According to the report, reservoir quality is very good with porosities ranging from 18% to 25%. Based on current geophysical mapping, together with electric logs and pressure data recorded in the well, the Company estimates oil in place in the Sagiz West Field at 66 million barrels with expected recovery factors ranging between 20 to 30%.
The Company is running production casing in the well, which is expected to be completed and placed on test production upon receipt of the requisite government approvals. A confirmation well will be drilled in early 2012. Two further appraisal wells are also being planned for next year.
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As Michael B. Young, President and CFO, said, this is an excellent result for the company and our shareholders. "Sagiz West is a large, conventional post-salt discovery that validates our focus on the Triassic rim play type that makes up the majority of our forward shallow prospect inventory. We have now drilled eight successful wells since March 2011, with three discoveries, bringing our overall success rate with our shallow exploration programme to 50 percent since January 2010."- Young said.