Max Makes Discovery at Eskene North

Max Petroleum announced Monday that the ESKN-1 exploration well in the Eskene North prospect onshore Kazakhstan has reached a depth of 4,944 feet (1,507 meters) with electric logs indicating 65 feet (20 meters) of net pay over an 295-foot (90 meter) gross interval in the Triassic Formation at measured depths between 4,173 feet to 4,469 feet (1,272 meters and 1,362 meters). Reservoir quality is fair with porosities ranging from 15 percent to 20 percent.

The company is setting production casing in the well and expects to begin testing ESKN-1 early in 2013 to determine commerciality after obtaining the relevant government approvals. The Zhanros rig will now move to drill the Tolegen West prospect in Western Block E, targeting eight million barrels of mean resources.

Michael Young, President and Chief Financial Officer of Max Petroleum, commented, "The Eskene North discovery looks to have substantial oil in place though the porosity is of lower quality than we have seen in some of our other post-salt Triassic discoveries. We will announce the results of our production test as soon as possible and look forward to confirming our eighth commercial discovery."


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