Max Petroleum Reports Estimate Of Recoverable Reserves

Max Petroleum Plc, an oil and gas exploration and development company focused on Kazakhstan, has released 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 square kilometres 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;
- Total unrisked mean recoverable resources estimated at 5,358 million barrels of oil equivalent, distributed within a probable range (P90 to P10) of 2,004 million barrels of oil equivalent to 8,847 million barrels of oil, including: nine post-salt prospects with unrisked mean recoverable resources of 183 million barrels of oil, 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 million barrels of oil equivalent, distributed within a probable range (P90 to P10) of 1,932 million barrels of oil equivalent to 8,529 million barrels of oil equivalent.
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.
Max Petroleum Executive Co-Chairman Jim Jeffs said, "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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