U.K.-based Kazakh explorer Max Petroleum PLC has increased its Central Asian production by nearly eightfold and upped its revenues year-on-year by $26 million to $27.5 million, the company heralded Tuesday while still posting a $37 million "preliminary loss for the year".

The revenues were earned despite a doubling of exploration expense to $16 million for 26 wells in the Zhana Makat field, part of $77 million spent during the year. The field’s 9.1 million barrels are worth an after-tax $197 million, according to the company. Despite the loss posted, company boss Mark Johnson points to “a high quality, sustainable drilling campaign to begin in January 2009”.

Max is looking for farm-out partners for the coming three-year drill-bit programme and is offering sizeable junks of field equity at its recently acquired Block A&E assets and Astakhanksky licenses.

An eight-compay rig tender is underway for rigs good to drill 3,000 metres, or down to the coming pre-salt targets.

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