Max Petroleum (MXP) today announced the mobilisation of it’s deep drilling rig for pre-salt exploration of the NUR-1 well on the Emba B prospect. Max has recently had success with shallow drills, adding around 40 million barrels of oil to its reserves, but deep drills like these are where Max’s true potential lies.

Emba B is estimated to have a mean potential of 467 million barrels of oil, with Max’s whole pre-salt portfolio has an mean estimated potential of 4.4 billion barrels of oil. Success on Emba B alone could be worth as much as 40p a share to Max, which when compared to its current share price of around 15p (has been hit hard by market sentiment and appears to be oversold), shows MXP’s huge potential.

NUR-1 is expected to spud on or before the 31st of October and Max has given it a 29% chance of success.

RNS:
Mobilisation of Drilling Rig for Pre-Salt Exploration
15 September 2011

Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that Saipem’s National 1625 DE onshore drilling rig for its deep, pre-salt exploration programme has been released from the previous operator’s location and is currently being mobilised to drill the NUR-1 well on the Emba B prospect in Block E. The Company estimates the NUR-1 well will begin drilling on or before 31 October 2011.