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Max Estimates Exploration Potential on Blocks A&E

Source: www.gulfoilandgas.com 7/12/2010, Location: Asia

Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, announces the results of its Competent Person’s estimate of recoverable prospective resources associated with certain leads and prospects on the Company’s Blocks A&E licence areas. Ryder Scott’s estimates are based on its independent review of the prospect portfolio developed by the Company using approximately 4,980 km2 of 3D seismic data acquired, processed and interpreted in Blocks A&E.

Highlights from the report prepared by Ryder Scott in accordance with standards established by the Society of Petroleum Engineers, are as follows:

- Total risked mean recoverable resources estimated at 1,100 million barrels of oil equivalent (“MMBOE”);

- Total unrisked mean recoverable resources estimated at 5,358 MMBOE, distributed within a probable range (P90 to P10) of 2,004 MMBOE to 8,847 MMBOE, including:

- 9 post-salt prospects with unrisked mean recoverable resources of 183 million barrels of oil (“MMBO”), distributed within a probable range (P90 to P10) of 72 MMBO to 318 MMBO; and

- 14 deep pre-salt prospects and leads with unrisked mean recoverable resources of 5,175 MMBOE, distributed within a probable range (P90 to P10) of 1,932 MMBOE to 8,529 MMBOE.

Ryder Scott’s estimation for prospective resources in the post-salt section is based on analysis using one productive horizon for each formation. Most of the productive fields in the area, including the Company’s Zhana Makat and Borkyldakty Fields, have multiple productive horizons per formation. Ryder Scott acknowledges this fact but does not speculate on the number of productive horizons likely to be encountered in any individual formation, due to the exploratory nature of the prospects. As a result of this approach, Ryder Scott’s volumes and geologic risks vary from the Company’s internal estimates.

In the above table, Ryder Scott differentiates between “prospects” and “leads” on the basis of 3D seismic coverage. “Prospects” are fully covered by the existing 3D surveys. “Leads” are mostly, but not completely covered by 3D. The leads have a similar seismic character as the prospects. For calculation of prospective resource volumes, only the portions of the “leads” covered by 3D seismic are considered to be prospective. “Type II” prospects and leads are deeper (below 6,000 metres) features of Devonian and Carboniferous age which are believed to be carbonate buildups, in some ways analogous to the super-giant Karachaganak, Tengiz and Kashagan Fields. The “Type I” pre-salt targets are shallower (about 5,000 metres), interpreted by the Company to be Permian tidal flat deposits sealed by the Kungurian salt.

Jim Jeffs, Executive Co-Chairman, commented:
"We are pleased that Ryder Scott's assessment of our portfolio, like our own, recognizes the significant potential of both the pre and post-salt prospects and leads we have identified on Blocks A & E. The report reinforces our enthusiasm for our ongoing exploration programme."

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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