New oil field discovered in Kazakhstan

New oil field called West Sagiz was discovered in Kazakhstan, Tengrinews.kz reports citing official website of Max Petroleum Plc.Exploration well reached the deeps of 1,406 meters revealing a 27-meter layer of oil and gas. According to geophysical data, the newly discovered deposit contains around 66 million barrels of oil. It is planed to drill two more appraisal wells to confirm the finding. “This is an excellent result for our company and shareholders. We have already drilled 8 successful wells and discovered 3 new fields since March 2011,” President and Finance Manager of Max Petroleum Plc Michael Yang noted.Exploitation of the field will start after approval by Kazakhstan Government.