MAX PETROLEUM 2007 A giant in the making

In the last operational update of 20/11 we had "As a result of the extensive well testing carried out to acquire reservoir performance data and satisfy government requirements, the Company now expects to drill a total of seven shallow wells by the end of December 2006".

We are not 50% short of that target. We should have 6 wells by then at least. The targets were put back by new requirements from the authorities, as I recall.

We also have the forward promise of: "the Company now expects to
drill a total of seven shallow wells by the end of December 2006. While this is
fewer than originally anticipated, the Company still expects to drill a total of
30 shallow wells by the end of 2007. Consequently, while the expected aggregate
exit production rate for year-end 2006 is lower than previously anticipated, the
Company's work program should enable it to achieve a per well exit rate of 250
bopd, in line with the Company's original expectation for each productive
shallow well."

My figure of 25 is assuming about 5 dry wells (which is in line with the 4/5 wet ones we have at present).