Independent oil and gas exploration and production company Max Petroleum saw its shares surge on Tuesday after it revealed positive results at the ZMA-E7 development well in the Zhana Makat Field.

After reaching a depth of 997 metres, the well encountered hydrocarbons in line with its expectations.

It now plans to complete the well and then place it on production as soon as practicable.

The group said the Zhanros ZJ-30 rig will be mobilised to the Zhana Makat main camp where it will be stacked, ensuring the rig is ready to drill the ZMA-E8 well once regulatory permission to drill is granted, expected in the third quarter this year.

"The estimated total cost to drill the ZMA-E8 well is less than $1m, in line with other wells drilled at Zhana Makat, and will be targeting a potentially significant extension of the Zhana Makat Field to the south east of the existing appraised area," the company said.

Shares had soared 34.3% to 1.39p by 15:06.

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