Kazakhstan Today reported that shares in Max Petroleum rose 4.70% after testing had shown a well on the Baichonas West prospect was a commercial discovery.

The BCHW-1 well at prospect in Kazakhstan has begun testing in a Triassic reservoir from depths of 1,184 meters and 1,190 meters and is flowing at a stable rate of 450 barrels of oil a day of 48 degree API gravity oil. It will be produced on test for 90 days before a second zone will be tested.

Max said the results showed a commercial discovery with oil in place of around 16 million barrels of oil and expected recovery factors of between 20 and 40 per cent. Separately, Max said it had moved its planned drilling location at Eskene North to another preferred location.

This is not expected to hinder the company's ability to complete the drilling of its post-salt portfolio before March next year, subject to additional financing for wells beyond those covered by the equity for drilling services agreement with its drilling contractor, Zhanros Drilling, LLP the article concludes.

Source - kt.kz

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