Max Petroleum has announced that the ESKN-1 exploration well in the Eskene North Prospect has reached a depth of 1,507 metres with electric logs indicating 20 metres of net pay over an 90 metre gross interval in the Triassic Formation at measured depths between 1,272 and 1,362 metres. Reservoir quality is fair with porosities ranging from 15% to 20%.
The Company is setting production casing in the well and expects to begin testing ESKN-1 [early in] 2013 to determine commerciality after obtaining the relevant government approvals. The Zhanros rig will now move to drill the Tolegen West Prospect in Western Block E, targeting eight million barrels of mean resources.
Michael Young, President and Chief Financial Officer of Max Petroleum commented: 'The Eskene North discovery looks to have substantial oil in place though the porosity is of lower quality than we have seen in some of our other post-salt Triassic discoveries. We will announce the results of our production test as soon as possible and look forward to confirming our eighth commercial discovery.'
Background: Post-salt drilling programme
Since January 2010, the Group has drilled five discoveries out of 14 exploration wells, a success rate of 36%. To date, the Group has made six post-salt discoveries including the Zhana Makat, Borkyldakty, Uytas, Asanketken, East Kyzylzhar I, and Sagiz West fields, all of which are in various stages of testing, appraisal, or development. During the year ended 31 March 2012, the Group drilled a total of 17 wells, including five exploration wells that led to two discoveries and 12 appraisal and development wells, of which 11 were successful. Subsequent to 31 March 2012, Max Petroleum has drilled two shallow appraisal wells, ASK-J1 and ASK-J2, in the Asanketken Field. Both wells are currently on test production.
During the remainder of fiscal year 2013, the Group intends to drill its remaining post-salt exploration portfolio of seven prospects, and up to four appraisal and development wells at Sagiz West and Zhana Makat. The Group’s remaining post-salt exploration prospects are as follows: