Max makes better oil discovery

Oil and gas explorer Max Petroleum yesterday reported better than expected production test results and development plans for its Uytas Field in Kazakhstan. It said it has identified 185m barrels of oil at the site – more than estimated previously. The company said in a statement: “Interpretation of 3D seismic data acquired in late 2011 has revealed a structure larger than previously identified.” The firm’s shares rose after the news but fell back later to close down 1.1 per cent at 11.5p.