News

January 15, 2010

Max Petroleum Enters A New Phase With A 12-Well Campaign Now Underway In Kazakhstan

With the spudding of the BOR-1 exploration well in Kazakhstan, the first of 12 shallow post-salt prospects to drill this year, investors will be hoping that AIM-quoted Max Petroleum has entered a new phase. Shares in the company are currently trading at 20 pence each, a fraction of their highs in 2007 when the price nudged 200 pence a share, and investors will be keen for the 12-well campaign to put some momentum behind the share price.

The company, which holds three blocks covering 13,500 sq km of the prolific Pre Caspian Basin in Kazakhstan, has had its ups and downs over the past couple of years.  In 2007, it was rocked by a share options scandal that led to the dismissal of the CEO, COO and five other employees.  Its drilling results haven’t always been positive and last year there was a dearth of newsflow as Max’s technical team crunched through reams of seismic data to high grade its extensive prospect...