Today, November 4, 2011, Max Petroleum (LON: MXP, FRA: M5G, ETR: M5G, PINK: MXPTF) announced that it has begun drilling the NUR-1 well on the Emba B prospect in Block E. The well will be drilled to a depth of 7,250 metres, targeting Devonian and Carboniferous reservoirs with unrisked mean resource potential of 467 million barrels of oil equivalent and a 29% geological chance of success.
The Max Petroleum signed in April 2011, a contract with Saipem, a subsidiary of Eni, S.p.A., for a National 1625 DE onshore drilling rig for its deep, pre-salt exploration programme. The ontract secures the use of the 3,000 hp rig to drill a minimum of two deep wells in the Company’s Blocks A&E licence area.
Today (Sept. 15) the Company, said it is mobilizing the National 1625 drilling rig to drill the NUR-1 well in the Emba B prospectus, located in Block E. The Max Petroleum estimates that the well will be drilled up to October 31 of this year.
In April of this year The Company plans to commence drilling the NUR-1 well on the Emba B prospect in Block E during August 2011, targeting unrisked mean source potential of 467 million barrels of oil equivalent (“mmboe”) distributed over a probable range (P90 to P10) of 170 million to 817 million mmboe with a 29% geological chance of success.
Max Petroleum and pre-salt potential
The most significant change in the Group’s prospect inventory is in the deep, pre-salt section on Blocks A&E.
A significant new portfolio of 10 prospects and five leads ranging in size from 100 to 600 mmboe of estimated unrisked mean resources was developed late in 2009 using a combination of the new 3D seismic acquired by the Group and regional geologic play concepts developed by Max Petroleum technical team using analogies from elsewhere in the Pre-Caspian Basin and other similar basins around the world. These new prospects and leads are developed along the Guriyev Arch in Block E.
Total unrisked mean resource potential for this portfolio is estimated by the Group at over four bboe. The majority of this potential resource is found in the new “Type II” prospects which are interpreted to be ancient coral reefs of Devonian age, in part analogous to the other super-giant fields in the Basin. Of particular importance to these “Type II” prospects is the fact that they share a single common risk factor - reservoir quality. Success on the first well would significantly improve the chance of success on the remaining prospects and leads, adding tremendous value to this portfolio.
The Max Petroleum Company holds a 100% interest in Blocks A&E Licence area covering over 12,455 km2 in the highly prolific Pre-Caspian Basin in Western Kazakhstan.
The Pre-Caspian Basin has produced some of the world’s largest oil and gas discoveries, including the super-giant Tengiz, Kashagan, Karachaganak and Astrakhan fields, which range in size from seven to 20 billion barrels of oil equivalent in recoverable reserves.