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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Max Petrol | LSE:MXP | London | Ordinary Share | GB00B0H1P667 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.16 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
TIDMMXP
RNS Number : 9396G
Max Petroleum PLC
04 July 2012
Max Petroleum Plc
(the "Company")
Drilling Update
Suspension of Drilling at NUR-1
4 July 2012
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, announces that drilling at the NUR-1 pre-salt well on its Blocks A&E Licence has been temporarily suspended.
Since announcing on 22 June 2012 that the drill string on the NUR-1 well had become stuck, the Company has been unable to free the drill string and resume drilling ahead through the salt. Therefore, the Company has decided to temporarily suspend drilling operations and to seek additional sources of financing to resume the drilling of NUR-1 to its total depth of 7,250 metres. Based on a review conducted by the Company's in-house technical team and external consultants with expertise in drilling high pressure, pre-salt wells, the Company believes that it is technically feasible to complete the drilling of NUR-1 with certain modifications to the existing drilling programme to address the higher than expected pressures encountered in the salt.
The Company intends to either release the Saipem rig or place it on standby once the operations to temporarily suspend the well have been completed. If the rig is released, the Company expects that a smaller rig could be used to complete the NUR-1 well, given that the well is in good condition and cased down to a depth of 5,681 metres. The Company has also initiated discussions to seek regulatory approval to allow additional time to complete the drilling of NUR-1 beyond the existing deadline of 4 March 2013, should that be necessary.
The Company is currently generating positive net cash flow from operations and is continuing to have constructive discussions with its senior lender, Macquarie Bank Limited, as well as with other sources of debt and equity financing regarding providing additional capital to enable the Company to complete its post-salt exploration programme.
Enquiries:
Hot Features
Premium
Max Petroleum Michael Young Tel: +44 (0)207 355
Plc President and Chief Financial 9590
Officer
Tom Randell
Director of Investor Relations
Merlin PR David Simonson/ Anca Spiridon Tel: +44 (0)207 726
8400
WH Ireland Ltd Daniel Bate Tel: +44 (0)161 832
2174
Macquarie Capital Paul Connolly / Steve Baldwin Tel: +44 (0)203 037
2000
Oriel Securities Michael Shaw / Ashton Clanfield Tel: +44 (0)207 710
7600
Richard Hook, Chief Operating Officer of Max Petroleum, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hook is a member of the Houston Geological Society and holds both Masters and Bachelors of Science degrees in geology.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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