AGM Statement

RNS Number : 8313K

Roxi Petroleum Plc

30 June 2014

 



30 June 2014

Roxi Petroleum plc

("Roxi" or "the Company")

AGM Statement

The following statement will be made at the Company's Annual General Meeting to be held today at 11.00 am.

BNG

Roxi has a 58.41% interest in the BNG Contract Area

Deep well - Airshagyl 5

Drilling has resumed and by Friday, 27 June 2014 reached a depth of 4,236 meters.

The well's principal target is the Carboniferous formation at 4,390 meters with a subsidiary target in the Permian formation at 4,120 meters. To date we have yet to find indications of oil from the subsidiary target horizon.

Given the pressures and temperatures involved drilling will continue at a slow pace and further announcements will be made as the work progresses towards the principal target.

The well's planned Total Depth is 4,700 meters.

Shallow wells

At Well 143 the interval between 1,961-1,974 meters has been perforated prior to further testing.

Galaz 

Roxi has a 34.4 per cent interest in the Galaz Contract Area.

Deep Well - NK-31

Well NK-31 was spudded in June 2014 and is to be drilled to a Total Depth of 2,500 meters targeting Middle Jurassic. As at 27 June 2014 the well had reached 1,904 meters without incident.

Enquiries

Roxi Petroleum PLC                                                                              

Clive Carver, Chairman                                                                 [phone]

WH Ireland plc              

James Joyce / James Bavister                                                    [phone]

Qualified Person

Mr. Nurlybek Ospanov, Roxi's senior geologist who is a member of the Society of Petroleum Engineers ("SPE"), has reviewed and approved the technical disclosures in this announcement.

 

END

 

 

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