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

Roughly how long to drill to 900 metres?

"15/10/10 07:36 Max Petroleum PLC (MXP) Max Petroleum starts UTS-1 well drilling".
On this basis we are talking about 8-10 days for a further update!

Max Petroleum Drilling Produces Net Oil Play
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Max Petroleum's UTS1 exploration well on the Uytas prospect in Block A has reached an intermediate depth of 300 metres with electric logs indicating 16 metres of net oil pay at depths from 60 to 76 metres in the Cretaceous Formation, with a potential 86 metre thick oil column present at depths from 60 to 146 metres, the company reported in a news release. Max Petroleum Plc has run casing over this portion of the well and will continue to drill ahead to a total depth of approximately 900 metres to evaluate its principal exploration target sands in the Jurassic and Triassic sections. The company will test the shallow Cretaceous zone after evaluating the deeper horizons.
Max Petroleum Executive Co-Chairman Robert Holland said, The initial results of Uytas are very encouraging and could prove to be significant given the apparent size of the oil column. While we need to finish drilling the well to evaluate it fully, we are excited to have a potential commercial discovery before reaching our principal objectives.
Copyright 2010, Max Petroleum. All rights reserved.

Looking good....

Amazing discovery of up to 35mbo.

FDC Flashnote - Max Petroleum BUY

This was a make or break well for Max Petroleum and a lack of success would have raised a lot more questions for the Company. The Uytas prospect is a 4 way dip closure and success validates the charge model. The previous failures in the programme are most likely due to non-sealing faults invalidating the traps. The shallow depths raise the concern of biodegradation of the oil and therefore possible presence of difficult to move heavy oil; nevertheless the structure has been charged and is a valid trap that is likely to be also valid and charged deeper down, where the main objectives are at depths of 500-900m.

Hence a great result for the Company.

Recommendation

We maintain the Buy rating with a price target of 50p

Wey hey hey hey...

5 0 p will do .

yep 20p good - 50p very good - good day expect more tomorrow perhaps - rns due next 7 days i think - gla

Looks like a very bad day tomorrow on the markets, so MXP might not go any further for a day or two.

Not in at the lowest point but have held a little while at 16p so very glad i'm here for the ride.

hc - i like the enthusiasm - keep it up - lol - gl

and up another 20%.

Yes, sorry about that gibby! I was watching the DOW drop 200 points the night before & oil & gold following suit. I was therefore expecting the FTSE to take a dive today, but hasn't happened so far. MXP doing well!

reuters buy rating mxp - http://uk.reuters.com/business/quotes/overview?symbol=MXP.L

hc - understand the reasoning - mxp outside of that for now - more news imminent - more wells to drill - lots of upside potential here - been a good week with this & des and a few others - gl

gibby...you really have to learn to use the link.....lol

bb - lol - &:
The next twelve months will be pivotal for Max Petroleum. We have made substantial progress in our geological analysis of our assets, high graded our drillable prospect inventory and improved production operations. Our risked mean resources are now estimated at 1.1 billion barrels of oil equivalent by Ryder Scott. We plan to continue our post-salt exploration programme and the development of Zhana Makat, Borkyldakty and additional fields that we expect to discover within Blocks A&E. Perhaps more importantly, however, we expect to commence exploration of the higher cost, higher upside pre-salt prospects underlying Blocks A&E.

The former will require some, and the latter will require significant, additional financial resources. We will continue to seek partners to share the cost and risk associated with testing our deep portfolio, but we are excited about the pre-salt potential and therefore are considering that shareholder value may be maximised by raising the requisite equity capital to drill them for our own account.

We are confident that we have an exceptional portfolio of exploration and development assets, with a technical team fully capable of identifying and extracting value from it. Also, we believe that our financial and administrative teams have met the challenges resulting from the decline in global economic conditions, financial uncertainty and emerging market risk during the last two years, thereby maintaining the support of our lenders.

Our expectations are that our shareholders will be rewarded for their patience and that results will speak for themselves in the upcoming year.

http://www.proactiveinvestors.co.uk/companies/news/22236/broker-roundup-max-petroleum-rockhopper-exploration-and-aminex--22236.html

from another bb:
LONDON, Oct 19 (Reuters) - British Oil explorer Max Petroleum said a well in Kazakhstan had found a zone of oil on its way down to reach its main exploration targets, sending its shares soaring. Max said on Tuesday that testing equipment indicated that the well, UTS-1, on the Uytas prospect in Western Kazakhstan found 16 metres of oil at shallower depths and that this oil column could potentially stretch for 86 metres. Shares in the company rose as much as 52 percent to 16.75 pence, making the company the biggest gainer in London, and valuing it at 75 million pounds. 'The initial results of Uytas are very encouraging and could prove to be significant given the apparent size of the oil column,' said Executive Co-Chairman Robert Holland, adding he believed the discovery was potentially commercial. The company said the well would drill ahead from the current intermediate depth of 300 metres to explore deeper targets at around 900 metres before returning to the shallower zones to test the find. (Reporting by Sarah Young; Editing by Paul Sandle) Keywords: MAX PETROLEUM/ (sarah.young@thomsonreuters.com; +44 207 542 7717; Reuters Messaging: sarah.young.thomsonreuters@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Related Shares: Max Petroleum (MXP) -------------------------------------------------------------------------------- 1234567891011 UPDATE 1-Max says Kazakhstan well finds oil LONDON, Oct 19 (Reuters) - British Oil explorer Max Petroleum said a well in Kazakhstan had found a zone of oil on its way down to reach its mai [Tue 12:02] BRIEF-Max Petroleum says UTS-1 well finds oil LONDON, Oct 19 (Reuters) - Max Petroleum Plc: * Uts-1 exploration well on the uytas prospect in block a, electric logs indicate 16 m [Tue 11:08] UPDATE 1-Max Petroleum says Kazakh tax ruling reversed * Says payments towards claim suspended while case pending * To ask local authorities to offset payments made so far * Shares fa [24 Sep '10] BRIEF-Max Petroleum says tax ruling reversed LONDON, Sept 24 (Reuters) - Max Petroleum Plc: * Supreme court of the Republic of Kazakhstan has reversed ruling that had upheld a t [24 Sep '10] STOCKS NEWS UK-Max Petroleum down, Kazakh well plugged STOCKS NEWS Reuters Results diary Europe Real-time Equity News UK [20 Sep '10] BRIEF-Max Petrol finds only minor hydrocarbons at KAW-1 well LONDON, Sept 20 (Reuters) - Max Petroleum Plc: * Has completed drilling the KAW-1 exploration well on the karsak west prospect on Block [20 Sep '10] BRIEF-Max Petroleum defers bond interest LONDON, Sept 7 (Reuters) - Max Petroleum Plc: * To defer the interest payment otherwise due in respect of U.S.$75,000,000 6.75 pe

note that gibby's news is 2 days old and market has already been there, done that!