Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, today announces its interim results for the six months ended 30 September 2012.
The Group increased average daily production by 59% to a record 3,770 barrels of oil per day (“bopd”) during the period generating US$49 million in revenue compared to 2,365 bopd generating US$24 million in revenue during the comparable period in 2011. The Group expects average daily production for the full fiscal year to range from 3,200 to 3,600 bopd, depending on the level of production from any new discoveries and the timing of the transition of fields through the regulatory process from test into trial production (“TPP”).
Subject to completion of the Restructuring, the Group anticipates significant growth in reserves and resources as it continues to appraise and develop its existing seven post-salt discoveries, as well as any further discoveries resulting from its remaining shallow exploration portfolio. The Group expects to evaluate at least three of its remaining four shallow exploration prospects in the portfolio given the March 2013 expiry of the exploration period of the Blocks A&E licence (the “Licence”), with drilling operations currently ongoing at the Eskene North Prospect on Block E using the Zhanros ZJ-20 rig. Subject to closing the Restructuring, we expect to utilise up to two additional shallow rigs during 2013 for planned appraisal and development drilling activities at Zhana Makat, Sagiz West, Uytas, Baichonas West, Borkyldakty, and possibly East Kyzylzhar I. The Group is also planning to acquire small 3D seismic surveys over the Sagiz West and Asanketken fields.
Source: Max Petroleum plc
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