Max Petroleum drills new well

Kazakh oil and gas exploration and production firm Max Petroleum has announced that it has successfully drilled a new well, reaching a total depth of 871 metres, and has found hydrocarbons in line with expectations. The company said that it plans to complete the well and start production as soon as possible. It also announced that GLG Partners holds a warrant entitling it to buy a further 1,316,839 shares, potentially giving it 14.9 per cent of the company.