Welcome to the new thread for Max Petroleum. Here's a link to the MXP web site and a presentation that everyone should read.

http://www.maxpetroleum.com/companypresentations.asp

Latest update from Oil Barrel

Max Petroleum Issues Upbeat Interim Report On Its Production and Cash Flow From Shallow Wells In Kazakhstan
Unlike a lot of interim results which have a historic feel to them, the report from Max Petroleum for the six months that ended on September 30 2006 and which came out just before Christmas effectively gave an update on the groups activities.

Max came to Londons AIM in October 2005 saying it was focusing on the Pre Caspian Basin in Kazakhstan, one of the richest hydrocarbon basins in the world. The area is home to the majors with pockets deep enough to develop the regions numerous super giant sub salt flats such as the 9 billion barrel Tengiz oilfield and the 13 billion barrel Kashagan offshore oilfield.

Max has got its eyes on some complex large deep structures with possibly up to 1 billion barrels of oil in place, on parts of its four huge concessions. But first it said it would try and pick the low lying fruit by drilling a number of wells on the shallow supra salt oil and gas fields of Blocks E and A, in order to achieve early production and cash flow.

When we reported on Max in October, the company having raised US$75 million through a convertible bond offering announced that it had successfully drilled the ZMA-2X well with production beginning on September 20. The ZMA-2X was the second of five that Max planned to drill on the Zhana Makat A structure in its E block. The well was drilled down dip from the ZMA-1X discovery well in order to further delineate the filed.

We now learn from the interim report, following the completion of the five wells the group was producing 900 barrels of oil per day and was marketing the crude locally for US$27 a barrel. Now this is some way off the 2,700 barrels a day chairman Jim Jeffs thought was possible by the end of 2006, but the results are encouraging none the less. But by the end of September Max was nearing completion of a sixth well on the structure. There is also a further three months of possible new wells to build into the equation. The company anticipates it will being selling its crude oil into the export market in early 2007, which is expected significantly to increase the groups price received per barrels.

All in all, Jim Jeffs statement that the amount of work accomplished by Max since it floated is quite remarkable is not hyperbole. It is not just a question of sinking wells anywhere. In October 2005 the company had just four employees. It has a large team of technical experts with relevant operating expertise, and assembled the technical data necessary before drilling.

In the period under review there was reprocessing of 1,600 km of older Soviet 2D seismic completed across the A and E and East Alibek Blocks. Over 2,170 km of 2D seismic was shot across the A& E, East Alibek and Astrakhansky Blocks. A 380 km2 3D seismic shoot in the E Block was completed and processed and was being analysed in the fourth quarter of 2006.

The company says as a result of all this in 2006 it plans to drill up to 24 additional shallow wells, between six and nine intermediate wells, and up to three deep wells. The shallow wells are between 300 and 900 metres deep and are relatively cheap to drill at US$1 million a pop. The strategy to drill a lot more continues. But the company has clearly signalled it is not shy at having a crack at the deeper reservoirs on its A, E, East Alibek and Astrakhansky Blocks which could yield reserves measured in billions, rather than millions of barrels.

Max says it has three rigs under contract with the shallow rig drilling Block E, an intermediate rig mobilised to spud the groups first deep well in East Alibek, and a deep rig scheduled to be on location to finalise the East Alibek well during the latter part of the second quarter of 2007. The group will begin its intermediate drilling programme during the first quarter of 2007 and is evaluating options to accelerate its deep well programme.

The acreage where the well is to be drilled lies on the eastern margin of the Pre-Caspian Basin adjacent to the Alibekmola filed, which is estimated to have remaining reserves of some 200 million barrels. The well could be drilled to a depth of around 4,000 metres. It seems likely East Alibek-1 will be followed by a deep well on Block E in the second quarter of 2007 and a deep well on the Astrakhansky acreage in the Autumn of 2007.

Astrahansky lies in the far western part of Atyrau Oblast in Western Kazakhstan, close to the Kazakh-Russian border. The 1,272 sq kms block lies south-east of the super giant Astrakhan filed which had reserves originally in place of 85 trillion feet of gas and 3.4 billion barrels of condensate, and adjacent to the 6.1 tcf gas and 225 million barrel of condensate Imashevsky

Petrel Resources (PET) Asked if nationalistic Iraq, resenting the US & global oilcos, is grooming PET into
a "BIG BEAST". DH replied: "that is exactly what is happening"

Have a few PET but bought into Max Pet today just before the nice spike up--looks as though news may be coming out very soon. Looks a long term winner to me!!

New to this stock. Seems a resistance/stagnation point here at the 83-85p level. Anyone, any ideas?

Heading back towards 100p :-)

Sooner or later, yes, Vanessa - and a lot further north than that. We just need news from the drill bit to spark it off. We all believe that it's coming, but in the meantime its disconcerting to see the regular tick down in the share price.
This stock has almost unlimited potential, but at the moment it is the only dog in my portfolio. One day soon ......

Have been reading more about MXP and we should be getting more updates soon and alot more to come in March IMHO. Also 85p looks to be good support offering another great buying opportunity. Please DYOR.

Creeping back up, perhaps news is very soon!

Can't come soon enough for me. If you read the board on ADVFN, Larsen seems well connected and is predicting another update on its way.

:-)

:-)

Looking better by the day, news ever closer :-) 85p looks to be solid support now and when the shorts start closing this will accelerate north. You have to be in to win, as always please DYOR.

pardon? lol.

Someone sounds happy! Are alison and Larsen related by any chance? I think we should be told!

And the upward trend continues.... MXP looking far healthier these last few days. Next good update could see these back over 1 without any difficulty - and hopefully a lot more as well.

The increased trading over the last week continued today, with 7.5m shares changing hands. The result SP on years high to 99.5p, suggests news on the horizon?
cyril

And we now look to have cleared 1 again. MXP now looks very strong ahead of the next reserves and operations update. If it is as positive as I anticipate, then we could see the a sharp move north. Good times are around the corner.

Touched 1.10 today in strong trading. Good volume increases have accompanied the price rise, so it looks well-founded. We are overdue a drilling update and can also look forward to our reserves estimate update. It won't be too long before we have our own IEC effect.

Lots of comment on the other side--so I'm back in today. I have a feeling news is coming soon and I agree PL we could have another IEC here. No cynic as yet!!!

some nutter (or two) has asked for my comment ....... this is not a share that i have ever followed, but i post below 2 charts, the first being over 3 years and the second for just 6 months (matter of scale) ....... thoroughly agree that sp shows great upward impetus, roaring through 200 dma, but rsi is now o'bought and i reckon there could be a fair amount of resistance at 120 ..... this may be self-fullfilling if, as i suspect, a further bout of heavy profit-taking (leaping for cover) occurs within the next few days ......