Max Petroleum gets 2-Year Kazakhstani License Extension
Oil and gas explorer Max Petroleum Plc said on Thursday that Kazakhstan's energy ministry had extended the exploration period of the company's Astrakhanskiy block license by two years until Jan. 12, 2012.
The Kazakhstan-focused company said the amendment to the license also established a three-year work programme, including a commitment to start drilling the first exploration well on the block by Dec. 31, 2009.
"The amendment is an important milestone for the company as it removes an uncertainty regarding the status of the license and should provide us with a better opportunity to complete a farm-out or sale of the Astrakhanskiy license in the future," Michael Young, the company's president and chief financial officer, said in a statement.
Max Petroleum shares were up 1.5 pence at 11.5 pence at 0840 GMT on the London Stock Exchange, according to Reuters.