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Max lower on Kazakh woes


Published Oct 29, 2007
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The stock of U.K. minnow Max Petroleum fell 10 pence in early Monday trading after late announements last week that one well in Kazakhstan would not produce, flows from others could be better and 2007 looked set to produce a $23 million loss.

At East Alibek, the first well encountered oil shows in the KT-2 formation but in non-commercial quantities. The well will be plugged, but the company said it has not ruled out “future plans” for the site.

Meanwhile, the company’s 3,000 barrels of oil per day of capacity is only two-thirds utilized, and a workover rig is expected on site by early November to speed production via the new wells and completions.



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