LONDON (ShareCast) - Max Petroleum (Other OTC: MXPTF - news) advanced Friday on news the oil and gas company started drilling the TOLW-1 well on the Tolegen West prospect in Kazakhstan.
Shares rose 2.63% to 3.90p at 11:20 Friday as the business announced it kicked off production on Block E using Zhanros Drilling's ZJ-20 rig.
A total vertical depth of 1,600 metres will be drilled at the prospect, which is a four-way anticline targeting unrisked mean resources of 8m barrels of oil in Triassic reservoirs.
Max Petroleum has in recent months posted positive results from its projects.
Last month it reported strong production from the ESKN-1 exploration well in the Eskene North prospect.
Initial results of the electric logs of the well, which reached a depth of 1,507 metres, indicated 20 metres of net pay over an 90-metre gross interval.
Testing on the well was due to begin sometime early this year.