Max Petroleum announced that the UTS-1 exploration well on the Uytas prospect in Block A has reached an intermediate depth of 300 meters with electric logs indicating 16 meters of net oil pay at depths from 60 to 76 meters in the Cretaceous Formation, with a potential 86 meter thick oil column present at depths from 60 to 146 meters. The Company has run casing over this portion of the well and will continue to drill ahead to a total depth of approximately 900 meters 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.
Robert Holland, Executive Co-Chairman, commented, "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."
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