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

Forecast price on Selftrade is 34p, which I think is a little bit more realistic, though 423p would be pretty awesome.

and they're probably in the sale at 75% off in selfridges!

Well its starting to fly.....3 drills early in Q1

good, cos i've got a few and hadn't noticed

hope you guys had a good day today - jan a very important month for mxp - gl and sorry ref des to any that hold - the bod at dees imo are worse than useless - 8 years - no oil - i hope if anyone on a loss at des that it either recovers - 1 drill left and some interest elsewhere, a t/o or are able to make up losses elsewhere

Confirmation of Uytas Oil Discovery

* Initial results from cretaceous reservoir in uts-1 discovery well indicate 55

metre oil column

* potential oil in place for the Cretaceous reservoir is estimated to be between 85 and 135 million barrels of oil

Sp all over the place. In auction atm.

Phoned up 1st thing was offered 28.3p,which of course i turned down.

They need to get funding sorted in the near future but this is great news towards getting that.

Afraid I banked nice profit this am. will come back in later.,.

Great discovery......coming good....

Fox Davies note

Max Petroleum (LON:MXP) (BUY, 0.50) (MXP, 22.75p, ▲ (24.66%)) confirmed that initial test results from the Cretaceous reservoir in the UTS-1 discovery well indicate a 55m oil column with 31m of net oil pay. Perforations at depths ranging from 120-128m and 155-158m produced 26oAPI gravity crude oil on pump at indicative rates of approximately 24bopd during a brief clean-up period. The duration of the test was limited due to government regulations and the well will be placed on a 90-day long term production test after all necessary government approvals are obtained in the next few weeks. Based on a probable oil/water contact at 161m as indicated by revised petrophysical analysis and current mapping, the potential oil in place for the Cretaceous reservoir is estimated to be 85-135mmbbl. While other Cretaceous fields in the Pre-Caspian Basin from similar depths report recovery factors of 20-30% of original oil in place, long-term testing and pressure analysis of the discovery well combined with confirmation drilling and a new seismic survey specifically focused on these shallow reservoirs will be needed to more accurately define recoverable oil reserves. Enhanced recovery techniques, such as water flooding, may also be needed to improve recovery from such shallow depths with low reservoir pressure. Additional intervals in the Triassic and Jurassic are currently being tested. A full update will be made as soon as the testing is complete, which is expected in the next several weeks. The Company plans to drill three confirmation wells in the first quarter of 2011 and has tendered for a ZJ-20 shallow rig to drill the wells. The Company also intends to acquire a high-fold 3D seismic survey over the Uytas structure specifically designed to image the shallow reservoirs in the field as soon as practicable. Also, Government approval has been received to extend the trial production project ("TPP") for the Zhana Makat Field for six months to 1 July, 2011. The TPP extension allows the Company to drill two additional Triassic wells in the field, which the Company intends to drill in the first quarter of 2011. The Company has filed an application to convert Zhana Makat to full field development status, which will allow the Company to develop and produce the field for up to 25 years under the terms of the Blocks A&E Licence. The ZJ-30 drilling rig is expected to spud the ALTW-1 exploration well on the West Altykol prospect and the ZJ-40 rig is expected to spud the ASK-1 well on the Asanketken prospect before 1 February 2011, after additional drilling equipment required to drill the wells is received on location. West Altykol is a Triassic prospect with a 4-way closure and Asanketken is a high potential, salt flank Triassic prospect.

Comment: Positive update on Uytas, confirming movable oil and indicating healthy OIP volumes for the Cretaceous reservoirs even though more work is required to ascertain recoverable estimates. Deeper objectives are also being tested which could increase resources estimates for the field. Some delay in the drilling sequence but we have high expectation for the two forthcoming wells ALTW-1 and ASK-1.

market is not frightfully impressed it must be said

Big volume though. 90 day testing, so the punters are bound to have a short attention span.

http://www.stockopedia.co.uk/content/fox-davies-capital-update-featuring-max-petroleum-nighthawk-energy-plc-northern-petroleum-salamander-energy-plc-sterling-energy-cape-plc-paragon-diamonds-52079/

Max Petroleum (LON:MXP) (BUY, 0.50) (MXP, 22.75p, ▲ (24.66%)) confirmed that initial test results from the Cretaceous reservoir in the UTS-1 discovery well indicate a 55m oil column with 31m of net oil pay. Perforations at depths ranging from 120-128m and 155-158m produced 26oAPI gravity crude oil on pump at indicative rates of approximately 24bopd during a brief clean-up period. The duration of the test was limited due to government regulations and the well will be placed on a 90-day long term production test after all necessary government approvals are obtained in the next few weeks. Based on a probable oil/water contact at 161m as indicated by revised petrophysical analysis and current mapping, the potential oil in place for the Cretaceous reservoir is estimated to be 85-135mmbbl. While other Cretaceous fields in the Pre-Caspian Basin from similar depths report recovery factors of 20-30% of original oil in place, long-term testing and pressure analysis of the discovery well combined with confirmation drilling and a new seismic survey specifically focused on these shallow reservoirs will be needed to more accurately define recoverable oil reserves. Enhanced recovery techniques, such as water flooding, may also be needed to improve recovery from such shallow depths with low reservoir pressure. Additional intervals in the Triassic and Jurassic are currently being tested. A full update will be made as soon as the testing is complete, which is expected in the next several weeks. The Company plans to drill three confirmation wells in the first quarter of 2011 and has tendered for a ZJ-20 shallow rig to drill the wells. The Company also intends to acquire a high-fold 3D seismic survey over the Uytas structure specifically designed to image the shallow reservoirs in the field as soon as practicable. Also, Government approval has been received to extend the trial production project ("TPP") for the Zhana Makat Field for six months to 1 July, 2011. The TPP extension allows the Company to drill two additional Triassic wells in the field, which the Company intends to drill in the first quarter of 2011. The Company has filed an application to convert Zhana Makat to full field development status, which will allow the Company to develop and produce the field for up to 25 years under the terms of the Blocks A&E Licence. The ZJ-30 drilling rig is expected to spud the ALTW-1 exploration well on the West Altykol prospect and the ZJ-40 rig is expected to spud the ASK-1 well on the Asanketken prospect before 1 February 2011, after additional drilling equipment required to drill the wells is received on location. West Altykol is a Triassic prospect with a 4-way closure and Asanketken is a high potential, salt flank Triassic prospect.

Comment: Positive update on Uytas, confirming movable oil and indicating healthy OIP volumes for the Cretaceous reservoirs even though more work is required to ascertain recoverable estimates. Deeper objectives are also being tested which could increase resources estimates for the field. Some delay in the drilling sequence but we have high expectation for the two forthcoming wells ALTW-1 and ASK-1.

Same as post #544 then?

think you should have taken 28p cyril..

whoops ref 544 - sorry hc - missed it was in a hurry...

Anyhow plenty of news coming to look fwd to in the near future:

The ZJ-30 drilling rig is expected to spud the ALTW-1 exploration well on the West Altykol prospect and the ZJ-40 rig is expected to spud the ASK-1 well on the Asanketken prospect before 1 February 2011, after additional drilling equipment required to drill the wells is received on location. West Altykol is a Triassic prospect with a 4-way closure and Asanketken is a high potential, salt flank Triassic prospect.

Good 2011 ahead for mxp imo - just need to sort the funding really.

http://brokermandaniel.com/2011/01/06/max-petroleum-take-note-the-penny-will-drop-here/

market unimpressed simply because the discovery is derisory-and over the years i have seen other oil plays P+A finds of this sixe .Not always size that decides price; but rather what is recoverable pref. on cold flow..Hardly commercially viable to my way of thinking . l bought a shedload of these 14 and 16p and forever the % player sold the lot on beack of RNS when it leapt to a tad shy of 30p Whether it provides a pathway to hydrocarbon migration to other basins is a different matter .....but 24 b/d in testing , crippling gearing. and now more dilution ,,,,,Forget it !!,.....ln addition host country is hardly amiable in dealing with oilees