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16.04.2012

Max Petroleum Confirms Commercial Value of Aptian Formation

Max Petroleum Plc (LSE:MXP), an oil and gas exploration and production company focused on Kazakhstan, has announced an update on production test results and development plans for its Uytas Field.

The Aptian Formation is generally present in the field as sandstone reservoirs from two to eight metres thick at depths ranging from 110 to 165 metres. The company initially produced oil from this formation in the UTS-1 discovery well in January 2011. Recent extended production tests from the UTS-2 well have confirmed the commerciality of the formation.

From perforations at depths between 132 to 136 metres and 144 to 148 metres, the UTS-2 well has produced 26 degree gravity oil with no water at an average rate of 45 barrels of oil per day (“bopd”) for two months with no decline. Similar reservoirs are also present in the UTS-4 well, but have not yet been tested. The sandstone reservoirs in the Aptian Formation are of excellent quality with up to 37% porosity.

Based on the production tests in the UTS-1 and UTS-2 wells, cores taken in the UTS-2 and UTS-4 wells, and the new 3D seismic data, the company estimates oil in place of 42 mmbo in the Aptian Formation. The company currently estimates the oil recovery factor will be about 20%, but additional drilling and testing will be needed before the recovery factor can be confirmed.

The Jurassic Formation produced 27 degree gravity oil in the UTS-1 well (as previously reported in January 2011). Testing of Jurassic reservoirs in the UTS-3 well began recently with perforations from 428 to 432 metres in depth, producing at an initial indicative rate of 47 bopd. The company currently estimates overall oil in place of 16 mmbo in the Jurassic reservoirs, with potential recoveries of approximately 20%.

The Albian Formation, present across the field at depths ranging from 40 to 100 metres, was extensively cored in the UTS-2 and UTS-4 wells. Analysis of these cores confirms up to 67% oil saturation in sandstone reservoirs, but initial production tests in the UTS-1 and UTS-4 wells have only produced water, suggesting the oil is too viscous to flow into the wellbore under natural conditions.

Further testing of the UTS-4 well, involving injecting light oil into the reservoir as a solvent, resulted in production of new oil from the reservoir. The results of the new seismic mapping, combined with the new core and logging data from the UTS-2 and UTS-4 wells was used to generate an estimate of 126 mmbo of oil in place in the Albian Formation.

This oil does not appear to be recoverable using conventional production techniques, but an ongoing study is being conducted by a Houston-based reservoir consulting firm to identify appropriate enhanced oil recovery techniques and advise on further testing and design, including a steam injection pilot project.

For more detail, click here: http://www.maxpetroleum.com/uploads/12-04-16-rns-operationalupdate.pdf

Copyright 2012, Max Petroleum. All rights reserved.

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