Max Petroleum Plc, an oil and gas company focused on Kazakhstan, announces Group reserves as at 31 March 2014 as estimated by its Competent Person, Ryder Scott Company LLC ("RSC"). The reserves reflect drilling results and other technical information as at that date, including the results from 35 wells drilled during the fiscal year ended 31 March 2014, and are presented in the table below.
As at 31 March 2014, RSC estimated that the Group had 9.5 million barrels of oil equivalent ("mmboe") in proved and probable ("2P") reserves with an after-tax net present value discounted at 10% ("PV10") of US$184 million. This is an increase of 11% from 8.6 mmboe as at 30 September 2013, with a PV10 of $140 million, and a decrease of 14% from 10.9 mmboe as at 31 March 2013, with a PV10 of US$184 million.
RSC estimated that the Group's total proved, probable and possible ("3P") reserves increased by 7% to 10.4 mmboe as at 31 March 2014, with a PV10 of US$197 million, from total 3P reserves of 9.7 mmboe as at 30 September 2013, with a PV10 of US$157 million.
Proved reserves
Probable reserves
Total 2P reserves
Possible reserves
Total 3P reserves
31 MARCH 2014
mboe
mboe
mboe
mboe
mboe
Zhana Makat
2,021
1,301
3,322
-
3,322
Borkyldakty
130
69
199
-
199
Uytas
-
1,138
1,138
440
1,578
Asanketken
1,316
245
1,561
-
1,561
East Kyzylzhar I
263
261
524
-
524
Sagiz West
1,633
993
2,626
437
3,063
Baichonas West
102
22
124
22
146
Eskene North
-
-
-
-
-
Total
5,465
4,029
9,494
899
10,393
Proved reserves
Probable reserves
Total 2P reserves
Possible reserves
Total 3P reserves
30 SEPTEMBER 2013
mboe
mboe
mboe
mboe
mboe
Zhana Makat
2,145
1,429
3,574
-
3,574
Borkyldakty
144
88
232
-
232
Uytas
-
1,119
1,119
404
1,523
Asanketken
1,515
239
1,754
-
1,754
East Kyzylzhar I
96
59
155
-
155
Sagiz West
-
1,621
1,621
685
2,306
Baichonas West
102
22
124
22
146
Eskene North
-
-
-
-
-
Total
4,002
4,577
8,579
1,111
9,690
Proved reserves
Probable reserves
Total 2P reserves
Possible reserves
Total 3P reserves
31 MARCH 2013
mboe
mboe
mboe
mboe
mboe
Zhana Makat
2,818
1,621
4,439
-
4,439
Borkyldakty
180
71
251
-
251
Uytas
-
858
858
1,864
2,722
Asanketken
1,720
238
1,958
-
1,958
East Kyzylzhar I
92
57
149
-
149
Sagiz West
-
2,543
2,543
1,362
3,905
Baichonas West
-
671
671
111
782
Eskene North
-
-
-
-
-
Total
4,810
6,059
10,869
3,337
14,206
1 As estimated by Ryder Scott Company, the Group's competent person.
Reserves as at 31 March 2014 are net of production during the fiscal year of 1,423 mbbls.
Total production during the fiscal year ended 31 March 2014 averaged 3,899 barrels of oil per day ("bopd"), an increase of approximately 17% from average production of 3,346 bopd in the prior year. Production during the first two months of the current fiscal year has been variable but averaged approximately 4,500 bopd.
Enquiries:
Max Petroleum Plc
Tom Randell
Director of Investor Relations
Tel: +44 (0)207 355 9590
Oriel Securities
Michael Shaw / Tom Yeadon
Tel: +44 (0)207 710 7600
Charles Stanley Securities
Mark Taylor / Marc Milmo
Tel: +44 (0)207 149 6000
Instinctif Partners
David Simonson/ Anca Spiridon
Tel: +44 (0)207 457 2020
Kenneth Hopkins, Chief Operating Officer of Max Petroleum Plc, is the qualified person that has reviewed and approved the technical information contained in this announcement. Mr. Hopkins holds a Bachelor of Science degree in Marine Sciences and a Master of Science degree in Geology from Texas A&M University and is a certified petroleum geologist with 32 years of experience in the oil and gas industry.
Reserve estimates have been compiled in accordance with the 2011 Petroleum Resources Management System produced by the Society of Petroleum Engineers.
This information is provided by RNS
The company news service from the London Stock Exchange
Max Petroleum Plc is a United Kingdom-based independent oil and gas exploration and production company. The Company is engaged in the business of exploration, development and production of oil and gas assets within the Republic of Kazakhstan. The Company holds interests in the Blocks A&E License area covering approximately 12,460 square kilometers in the Pre-Caspian Basin in Western Kazakhstan. The Pre-Caspian Basin has produced various oil and gas discoveries, including the super-giant Tengiz, Kashagan, Karachaganak and Astrakhan fields, which range in size from 7 to 20 billion barrels of oil equivalent in recoverable reserves. The Company is also engaged in the production and sale of hydrocarbons. The Company has approximately eight post-salt discoveries on its Blocks A&E License, including the Zhana Makat, Borkyldakty, Uytas, Asanketken, East Kyzylzhar I, Sagiz West, Baichonas West and Eskene North fields.
MAX PETROLEUM PLC 
