Max Petroleum plugs and abandons well in Kazakhstan

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LONDON (ShareCast) - Max Petroleum (Other OTC: MXPTF - news) shares dipped Monday after the oil and gas company announced it plugged and abandoned a well on the Tolegen West prospect in Kazakhstan.

The group said it completed drilling at the TOLW-1 exploration well at a total depth of 1,540 metres without encountering producible hydrocarbons.

The rig will next move to the Zhana Makat field to drill the ZMA-A20 well. It is the first of five development wells to be drilled in Zhana Makat this year.

Max Petroleum is seeking regulatory approval for a two-year appraisal extension over the entire Blocks A&E Licence until March 2015, allowing the company to drill its two remaining post-salt prospects after this March.

Shares fell 3.61% to 4.00p at 10:04 Monday.