Max spuds new Kazakh well

Max Petroleum (MXP) has spudded the ESKN-1 exploration well on the Eskene North prospect in Kazakhstan.

The Eskene North prospect, a four-way anticline, is targeting unrisked mean resources of nine million barrels of oil in Triassic reservoirs.

The total vertical depth of the well will be approximately 1,400 metres.

However, analysts at FoxDavies warned investors that cash was "still an issue" for the oil and gas exploration and production company: "How this gets monetised will remains a longer-term issue for management to tackle," they said.

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