September 20, 2011 / 6:47 AM / 6 years ago

UPDATE 1-Max Petroleum says Kazakhstan well successful

(Adds details)

* Says UTS-4 well at Uytas indicated 36m potential net oil pay

* Records significant shows of oil in Kungurian salt

Sept 20 (Reuters) - British oil explorer Max Petroleum Plc said it was encouraged by the drilling results at a well in Kazakhstan, which indicated 36 metres of potential net oil pay.

Oil pay or net pay refers to the zone of a reservoir that contains economically producible oil.

The Kazakhstan-focused company also said it recorded significant shows of oil and gas in the Kungurian salt near total depth of the UTS-4 well in Uytas field.

“The oil and gas show below the salt was a pleasant surprise we plan to evaluate further through future wells and the development 3D seismic data we will acquire in October,” the company said in a statement.

In July, Max Petroleum forecast higher daily output for the third quarter, as it planned to bring four new wells on stream.

The company’s shares, which have gained more than a quarter of their value over the last month, closed at 15 pence on Monday on the London Stock Exchange, valuing the firm at about 140 million pounds. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Don Sebastian)

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