25 May 2012

Max Petroleum hits dry well

19/04/2010 Robert Tyerman

Kazakhstan-focused Max Petroleum is abandoning its KZN-2 exploration well in the country’s North Kyzylzhar project.

The London-based company, steered by president Michael Young, says drilling down to 1,457 metres at the well showed no hydrocarbons. As a result, AIM-quoted Max is plugging KZN-2 and moving its rig to drill another well, BOR-2, the first of two appraisal wells to be drilled at another, recently discovered field, Borkyldakty, over the next few months.

Floated at 35p five years ago, shares in Max Petroleum hit 148p in 2006 before starting their long descent to 6.03p over the past year. They have now perked up to 20.5p, valuing the company at £90 million.

Tags: AIM, Commodities, Emerging markets

Sector: Oil & Gas Producers

Companies: Max Petroleum

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