Max Petroleum begins cost-cutting program

Max Petroleum Plc

Max Petroleum Plc, an oil and gas company focused on Kazakhstan, has begun implementation of a significant cost-cutting initiative that it expects to continue for the remainder of fiscal year 2014 and beyond. The initiative recognizes the company’s shift from exploration and development to primarily production with a focus on maximizing cash flow.

The company expects to announce in early February a modest Sagiz West reserve increase as of Dec. 31, 2013, resulting from wells that have been drilled since its most recent reserve report. Max Petroleum believes there are a few other opportunities to increase reserves, but the company no longer plans an ongoing level of drilling activity that its current cost structure is intended to support.

The company intends to maintain the organizational capacity to resume drilling its NUR-1 deep well while efforts to obtain financing continue. Negotiations with prospective partners are, however, no longer currently in progress.

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