Max Petroleum saw proven and probable oil reserves increase by 40% in the quarter ending December 31 last year – despite looking to cut down on exploration.
The Kazahkstan-focused company announced late last month it would scale back its Sagiz West Field drilling programme due to high costs of exploration, and after drilling two unsuccessful appraisal wells between October and January.
But two other successful appraisals in the third quarter have upped the company’s proven and production reserves to 2.27billion of barrels of oil equivalent (boe) from 1.6billion boe by September 2013.
The firm is looking to drill three more appraisal wells in the field in the next few months, it said in a statement.
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